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  • #30,521
  • Feb 14, 2024 11:03am Feb 14, 2024 11:03am
Quoting navk
Lots of negative news going on for US residents. Those who make a living with trading income need to shift to Canada and trade from there. Show Canadian residency though you are US citizen
One small hiccup. US Citizens are taxed on citizenship and residency. US Tax authorities make life difficult for US citizens and people paying US citizens no matter where they live.
  • #30,522
  • Feb 14, 2024 11:04am Feb 14, 2024 11:04am
Quoting navk
{quote} US citizens can live in Canada and as well as Canadian citizens can live in the US. It is legal. By trade agreement.
Yes, but all brokers other than us & offshore want nothing to do with US citizens as soon as they show their passport or dual passport with original place of birth, that is unless they are >10M in assets & ECP exempted from US regulations.

If you live abroad + have domestic local income... some financial institutions will deal with US citizens, but many still will not.
  • #30,523
  • Feb 14, 2024 11:05am Feb 14, 2024 11:05am
Quoting 1hr
{quote} Residency is the key word, not citizenship
You just need to live in another country and have a residency in that country to get around this.
  • #30,524
  • Feb 14, 2024 11:07am Feb 14, 2024 11:07am
Quoting dantpm
{quote} One small hiccup. US Citizens are taxed on citizenship and residency. US Tax authorities make life difficult for US citizens and people paying US citizens no matter where they live.
They can pay taxes in Canada. As I understand. Show income as self employed. Earned while living in canada
Intraday only.
  • #30,525
  • Feb 14, 2024 11:08am Feb 14, 2024 11:08am
  •  1hr
  • | Joined Jun 2022 | Status: Alive and Well | 139 Posts | Online Now
That's why you don't show passport and only show relevant Residency documents. There are a few good and inexpensive options going forward but don't want to share on this board for obvious reasons. As far as getting away from the 40-50%tax, renouncing is the only route. Currently working towards that end.
Not Financial Advice
  • #30,526
  • Feb 14, 2024 11:10am Feb 14, 2024 11:10am
Quoting CableJ
{quote} Yes, but all brokers other than us & offshore want nothing to do with US citizens as soon as they show their passport, that is unless they are >10M in assets & ECP exempted from US regulations.
While Living in Canada, Canadian driving license will help for ID.
Bank account for address proof.
Taxes can be paid in Canada while living in Canada as self employed
Intraday only.
  • #30,527
  • Feb 14, 2024 11:14am Feb 14, 2024 11:14am
Quoting navk
{quote} They can pay taxes in Canada. As I understand. Show income as self employed. Earned while living in canada
Yeah it doesn't work like that. They still have to file in Canada and the US as long as they are US Citizens. You get to deduct taxes paid in another country as an income expense but you still have to file.
  • #30,528
  • Feb 14, 2024 11:17am Feb 14, 2024 11:17am
Quoting dantpm
{quote} Yeah it doesn't work like that. They still have to file in Canada and the US as long as they are US Citizens. You get to deduct taxes paid in another country as an income expense but you still have to file.
yes. My son lives in US. Files tax in both places
Intraday only.
  • #30,529
  • Feb 14, 2024 11:19am Feb 14, 2024 11:19am
Quoting navk
{quote} yes. My son lives in US. Files tax in both places
My daughter is a Canadian Citizen, living in the US, earning both US and Canadian income and must file in both Canada and the US.

If she didn't have the Canadian sourced income she would not have to file in Canada.
  • #30,530
  • Feb 14, 2024 11:19am Feb 14, 2024 11:19am
If Americans are looking to leave the US in response to prop tradings downfall. I highly recommend St Kitts and Nevis. It will be fun if enough people make a forex community on the lovely beautiful islands of St Kitts and Nevis.

Hire me as the tourism ministry please.
  • #30,531
  • Feb 14, 2024 11:20am Feb 14, 2024 11:20am
Simple for US citizens. They can move to Niyagara falls, Canadian side.
Intraday only.
  • #30,532
  • Feb 14, 2024 11:21am Feb 14, 2024 11:21am
Quoting dantpm
{quote} My daughter is a Canadian Citizen, living in the US, earning both US and Canadian income and must file in both Canada and the US. If she didn't have the Canadian sourced income she would not have to file in Canada.
Rental income from Canada. Nothing else
Intraday only.
  • #30,533
  • Feb 14, 2024 11:23am Feb 14, 2024 11:23am
Quoting navk
{quote} Rental income from Canada. Nothing else
my uneducated opinion. Prop firms aren’t going away, but they’re going away completely for US traders
A snails pace wins the race :-)
  • #30,534
  • Feb 14, 2024 11:24am Feb 14, 2024 11:24am
Quoting navk
{quote} Rental income from Canada. Nothing else
Income is income. What matters is if it is taxable income and what expenses are allowed against the income. Rental income has to be reported both in Canada and the US.
  • #30,535
  • Feb 14, 2024 11:28am Feb 14, 2024 11:28am
Quoting Takisd
{quote} The IP blocked US. Which seems to satisfy metaquotes, at least we will see. I am not so sure. The things I hear are contradictory. I hear that metaquotes just wants US off their platform at the same time I am hearing they want 3rd party brokers to stop offering to props.
Just watch... Oanda, Forex . com, Trading . com, etc. will all still be allowed to offer MT4 / MT5 to US citizens, so it's not quite as simple as US being banned completely I don't think. Maybe it's because they don't offer CFDs or are "registered" or pay the annual mafia "fees".
  • #30,536
  • Feb 14, 2024 11:30am Feb 14, 2024 11:30am
Quoting JustPipMe
{quote} my uneducated opinion. Prop firms aren’t going away, but they’re going away completely for US traders
Prop firms are not going away for US citizens also if they move to Canada as self employed persons.
No need of visa.
They can live in Canada legally
Can trade from Canada in prop firms legally
Intraday only.
  • #30,537
  • Feb 14, 2024 11:34am Feb 14, 2024 11:34am
Quoting AaronPriest
{quote} Just watch... Oanda, Forex . com, Trading . com, etc. will all still be allowed to offer MT4 / MT5 to US citizens, so it's not quite as simple as US being banned completely I don't think. Maybe it's because they don't offer CFDs or are "registered" or pay the annual mafia "fees".
They have licenses to do so. It would be strange if Metaquotes dumped them.
  • #30,538
  • Feb 14, 2024 11:36am Feb 14, 2024 11:36am
Quoting navk
{quote} Prop firms are not going away for US citizens also if they move to Canada as self employed persons. No need of visa. They can live in Canada legally Can trade from Canada in prop firms legally
Pretty sure that isn't quite right:
https://www.canadavisa.com/moving-to...%20in%20Canada.
  • #30,539
  • Feb 14, 2024 11:40am Feb 14, 2024 11:40am
Quoting Takisd
{quote} They have licenses to do so. It would be strange if Metaquotes dumped them.
Then why can't a prop firm do this as well? And why are City Traders Imperium and The5ers both so certain that they are not affected by all this?
  • #30,540
  • Feb 14, 2024 11:43am Feb 14, 2024 11:43am
Quoting dantpm
{quote} Pretty sure that isn't quite right: https://www.canadavisa.com/moving-to...%20in%20Canada.
Come to Niyagarafalls from Buffalo by catching a bus or taxi.
Rent a home in niyagarafalls.
Take Ontario driving licence.
Open bank account
Start trading in prop account.
As simple as that.
They are not coming here as immigrants
Intraday only.
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