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Perhaps you could set up an offshore company in another country and do your
trading through that? Neither the company nor the directors would be
Canadian resident i.e. it could be based from a country where no U.S.
broker has any restrictions. Take a look at the account opening forms at
US brokers for foreign companies, not individuals. Got a trusty overseas
family member/friend who can act as the controlling director for this
company (i.e. the person whom the US broker sets the account up
with)? After setting up the company, & opening the US brokerage account,
your director friend can give you power of attorney to do the
trading. Separately, you declare your personal beneficial interest to the
Canadian tax authorities. I'm not an expert but it seems like no law would
be broken - unless Canada prohibits it's citizens from having a stake in
foreign companies?
Numerous firms set up such corporations everyday and the costs seem very
reasonable at many - just do a web search or see the ads in the back of The
Economist magazine. In today's global world, it seems there are plenty of
ways to legally get around silly restrictive national laws.
The US broker gets your business, you get cheaper US commissions, & Canada
gets it's tax. With a big of imagination, everyone's a winner.
S.
>-----Original Message-----
>From: David Demetre [mailto:laertes@xxxxxxxxxxxx]
>Sent: October 27, 2001 3:12 PM
>To: omega-list@xxxxxxxxxx
>Subject: canadian brokers
>
>
>Folks:
>If you are living in Canada, has anyone found a good online
>futures broker to use?. We are now barred from opening
>accounts with IB and most other US firms. Excuse me if this
>has been dealt with here before, but what have people done
>to get around this? Any url's to previous discussions would
>be appreciated. The brokers in Canada are awful; high
>commisions and less than cutting edge services. There is
>only one direct access firm for stock trading.
>(tradefreedom.com)
>thanks
>Dave
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