tradesimply replies to: Brokers for Canadians?


{quote} Ok so, just to sumarize this up to see if I really understood….(and please correct me if I’m wrong). If I open my account on IC before moving to Canada, I’m ok trading with them? Even if I’ll be living in Canada one month later after opening my account while I was still in Brazil ? So this BS about all the international brokers denying Canadians, concerns only Canadian citizens that live specifically in Canada (which means that if you are a Canadian living in Brazil for example, you would be ok to open an account with them and start trading)….

It seems you’re in a bit of a legal grey area. Are you still going to have Brazilian citizenship? If so, it seems like you still could trade with them. The big question is though, do they still do withdraws via paypal? It’s the one reason I was looking into trading with them, before they banned canadian traders. If they do, you could potentially link your Canadian bank account to your paypal, and withdraw the funds. That way, IC pretty much won’t know that you’re in Canada. If you give the broker withdraw information for a Canadian bank account, it’s likely your trading account would get shut down. It’s not about Canadian citizens, it’s about Canadian residents. If you reside in Canada, you’ll be blocked.

It’s basically boils down to two things:
1. Don’t let IC Markets find out you’re trading with them while in Canada
2. Make sure to report all of your profits to the Canadian government during tax season

Overall, the Canadian government doesn’t really care if you’re with IC Markets, as long as they get their tax money. One of the reasons for the stupid regulations, is because some assholes will trade with offshore brokers, strictly to hide income from the government. Don’t dodge taxes.

As long as IC Markets thinks you’re trading from Brazil, you should be fine. Maybe run a VPN with a Brazilian IP while you’re doing your trading just to be safe. Just make sure there’s no way they can tell that they’re sending money to a Canadian bank account, or else you’re account will be closed. It’s not about citizens, it’s about residents. If you reside there, you’re out of luck.

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