I am a US citizen living in Canada. This year, I am beginning investing. I have purchased VOO (in a non-registered account) and would like to add some US-Listed ETFs with other sectors/markets to balance things out (also non-registered account). On another forum, I read that sticking to 1 or 2 ETFs will "make life SO much simpler." Why? And is "simple" worth it at the risk of not diversifying? (Yes, VOO is well diversified, but it has no global presence and is tied to S&P.) Any advice on the tax situation for CRA and IRS is greatly appreciated as I bumble through this!!!!!
ConfusedUSCit/CADPR
Hey @ConfusedUSCit/CADPR, that's a super common headache for US citizens in Canada, especially when you're just starting to invest in a non-registered account. When you heard that sticking to just one or two ETFs makes life simpler, what specific tax complications did they mention? Adding those details might help the cross-border tax pros here give you more specific advice
If you are only resident in Canada, use a family member's address to open US brokerage accounts and invest that way. (You can do what you want in an RRSP but TFSA offers no benefits if you're filing US tax returns correctly.)
If you are a dual citizen, invest however you want in Canada but be sure to conceal your US citizenship from banks to avoid FATCA reporting, and obviously don't declare anything.
If you are a dual citizen, invest however you want in Canada but be sure to conceal your US citizenship from banks to avoid FATCA reporting, and obviously don't declare anything.
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