U.S. shares in your Canadian brokerage account may not be foreign property
29 August 2018 - 1:01am
Shares of a U.S. corporation credited to an account with a Canadian broker may not constitute “specified foreign property” given that in all the Canadian provinces “securities entitlements” are now governed by legislation that is modelled on Article 8 of the Uniform Commercial Code, the Commentary to which states that a securities entitlement is in large part merely a claim against the broker or other intermediary.
Neal Armstrong. Summary of David H. Sohmer, “Do Shares of an American Company Credited to an Account with a Canadian Broker constitute ‘Specified Foreign Property’?”, The Canadian Taxpayer, August 10, 2018, Vol. xl, No 16, p. 121 under s. 233.3(1) – specified foreign property – (c).