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[OP]
Deal Addict
Dec 30, 2012
1098 posts
1147 upvotes
Toronto

Internaxx

Has anybody here used Internaxx? It used to be TD Direct Investing International, now it's apparently independent. It seems well set up for expats.

Any reviews? Is it relatively painless to shift stock holdings from a Canadian bank into Internaxx?

I'd like to get rid of my non-registered RBC Direct Investing account.
3 replies
Newbie
Aug 29, 2012
69 posts
48 upvotes
Toronto
One thing to consider would be that the reporting, as an offshore investment account, will not in all likelihood produce reports that would be comparable to the T slips your Canada based broker would, so you may inadvertently create more of a paperwork headache for yourself, plus if your holdings pass the reporting threshold they may require you to file a T1135 as well. I am not sure on this as you are likely holding Canadian securities, but if they are held with a non-domestic entity then i think that could make the reporting requirement apply. For sure any cash flows would be via a non Canadian account - I think its Luxembourg based.

You would probably find more information on Internaxx in the European forums where the bulk of their customers will post - sorry I cant point you at a specific post for that.
[OP]
Deal Addict
Dec 30, 2012
1098 posts
1147 upvotes
Toronto
jameswc wrote: One thing to consider would be that the reporting, as an offshore investment account, will not in all likelihood produce reports that would be comparable to the T slips your Canada based broker would, so you may inadvertently create more of a paperwork headache for yourself, plus if your holdings pass the reporting threshold they may require you to file a T1135 as well. I am not sure on this as you are likely holding Canadian securities, but if they are held with a non-domestic entity then i think that could make the reporting requirement apply. For sure any cash flows would be via a non Canadian account - I think its Luxembourg based.

You would probably find more information on Internaxx in the European forums where the bulk of their customers will post - sorry I cant point you at a specific post for that.
You raise some valid points. I'm actually a non-resident of Canada, therefore tax reporting in Canada isn't an issue for the time being, though it obviously will be once (if?) I move back and reestablish residency. And before you ask, yes I've checked with my accountant and he says it is fine to hold a non-registered investment account in a Canadian bank even as a non-resident. However I think an international account would suit my needs a bit better and the moment.

In all honesty, the extra reporting in Canada doesn't seem THAT onerous. So long as I track my profits/losses throughout the year, it's just a matter of declaring those on the T1135, is it not? doesn't seem that tricky, or am I oversimplifying it?

By European forums, I presume you mean outside this site? I don't believe there's a European version of RedFlagDeals?
Newbie
Aug 29, 2012
69 posts
48 upvotes
Toronto
there is a suitable forum on moneysavingexpert com that covers savings and investments under which the TD Luxembourg (now internaxx) and UK based TD Waterhouse (now interactive investor) services have some discussion. Just did a quick google to find that.

If you hold a bank account in a European Country then you might find DieGiro.eu, SAXO or even DeZiro better options based on trade costs. They dont mind Canadians holding accounts so long as the money in and out is via a European registered account (not a borderless account however so not Revult or Transferwise or N26). I think this is the case with many of the European based trading platforms.

If you plan to continue to hold Canadian securities in the account once you start filing in Canada, you will have to go through the various stocks in your portfolio and figure out the dividends split on Eligble dividends, ROC etc as your provider probably wont identify the dividends that qualify for the dividend tax credit etc. If/when you returned to Canada it would probably then make sense to move the Canadian stocks that are dividend producing back onshore anyhow, but you could leave the international stocks I would think.

You might want to move this topic to the investing subforum as there may be more eyes there that can give you an informed opinion.

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