AcidicSuburb t1_iy9ti6p wrote on November 29, 2022 at 8:38 PM

Reply to comment by BouncyEgg in How to open IRA from Canada by [deleted]

No, but this is good advice.

I'm not 100% clear what's happening either. This is actually for my girlfriend and she's not very financially savvy and is having a hard time getting answers from the account owners.

I thought this would be a good opportunity to just move it into an IRA with a larger firm, but that is proving challenging...

BouncyEgg t1_iy9vqlp wrote on November 29, 2022 at 8:52 PM

What you're realizing is that while there's no laws against it, financial institutions in the US pretty much lack a desire to take on the risk of dealing with international customers.

Risk > Benefit

AcidicSuburb t1_iy9ybmd wrote on November 29, 2022 at 9:08 PM

Yeah, I get that. It is frustrating though.

I feel like if the USA is going to continue taxing citizens who no longer work or live there, then they should have a duty to provide access to these kinds of services. What happened to "no taxation without representation"? Didn't you guys literally fight a war over that?

BouncyEgg t1_iy9zcdm wrote on November 29, 2022 at 9:15 PM

> then they should have a duty to provide access to these kinds of services.

Think about what you're saying.

You're basically saying that the government should take over custodianship and administering of 401k/IRA/etc.

We have far more pressing issues to resolve. We can't even get healthcare nationalized.

AcidicSuburb t1_iya0iz1 wrote on November 29, 2022 at 9:22 PM

Ha ha! I know. I'm just venting. We've spent far too much time and energy dealing with the IRS' tax and reporting requirements than I think is reasonable considering nobody in our household has lived in the USA for years. Most countries don't make their citizens abroad jump through all those hoops.