RBC Securities

This is just a heads up, I just got off the phone with my friend and money manager who is a VP with RBC Securities. RBC may be coming out with a new policy that won't allow them to deal with anyone whose primary residence is Mexico. Mexico may be added to RBC's "no fly" list as a country they don't want to deal with any longer due to the problems with the drug money, etc. While it makes absolutely no sense to me, since I am a Canadian citizen, have not declared non-residency status (I still maintain an address there and have a BC DL) and have never sent money back to Canada, he is going to let me know further details in a couple of weeks. Let's hope this isn't something that will spread to all the banks/investment houses in Canada.

Actually Bob, Canadian investment firms (such as Edward Jones, etc.) are not supposed to manage any non-RRSP investments on behalf of Canadian citizens that are non-residents of Canada. They can manage your RRSP's/RIF's, etc.

Mine are RRSP investments and I am still considered a resident of Canada, however, RBC is now looking at actual time spent in Mexico.

An investment house is Canada tried this on me as well; however since they took the funds initially on the firm understanding that I would be residing in Mexico, their legal dept advised them to maintain me as a client. The only proviso would be there would be no new money added to the fund.

This is indeed a "heads up" We're in the process of opening an account with an investment company in Canada. This is an International Company with headquarters in the U.S.
So far there's be no word from them about limitations in Canada, but we'll certainly bring this up before signing on. Thanks.

With RBC is seems to be a "Mexico" thing. They are not concerned with people living in other countries at this point. I have never transferred money from Mexico back to Canada so don't really understand what their concern is however when they bring out these blanket policies it doesn't always make sense in every case I suppose.

Bob

I'm with RBC's "Action Direct" investment service and am using my Mexican address. No issues so far.

With a CRA NR 15 filed with them I pay 15% flat income tax. I really enjoy all the services I receive for my tax dollars.

SunFan

Well as originally stated my friend was just giving me a heads up. This has not been finalized nor made public yet. If they move forward I expect you will be notified.

Sorry this crap is spreading from US to Canada.

Z

Zedinmexico wrote:Sorry this crap is spreading from US to Canada.  

Z

not so.

Zedinmexico wrote:Sorry this crap is spreading from US to Canada.  

Z

On economic news about the 5 big Canadian banks...as of July 2014 only RBC & Scotia were still involved in Latin America & the Caribbean, then in Dec 2014 only RBC was involved.

Their biggest *risk* is in Canada, or they were not making enough profit out side of Canada.

(OIL paying mortgages) EH.

scotiabank is the only big five that are directly involved in mexico and that's why i went with them prior to moving. i could give a rats a$$ about the other areas that you mention.
i had no trouble using my scotia visa card in cuba at the cambio either. you can find a scotia atm anywhere in mexico and many actual branches. even rolly's lerdo has one.

I have accounts with RBC in the US and was told that if I didn't have a US residence address, I would have to move my accounts to another firm. When our house sells, we will use our daughter's address. UBS has a special office in San Antonio, TX to handle Mexican residents. You just have to check around. Even if you are full time in Mexico, you probably have some relative that you can use as a residence address.