Can I purchase Wealth-lab developer as a Canadian?
Author: Net4walk
Creation Date: 6/27/2008 1:54 PM
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Net4walk

#1
And How?

Thanks!
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Cone

#2
At the moment, no one can purchase Wealth-Lab Developer 5 because it's not available yet.

Nonetheless, U.S. and Canadian residents should contact Fidelity about acquiring Wealth-Lab Pro by opening a qualifying account. Click the banner at the top of this page for more information.
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Net4walk

#3
Thanks Cone! But I phoned Fidelity US to open an account, but They wouldn't accept Canadian customer, they told me to phone Fidelity Canada, I did, but the Fidelity Canada doesn't have discount online brokerage, they only have mutual fund.

Does this mean I don't have a chance to use WL software? There must be a way, right?
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Cone

#4
Since Fidelity purchased Wealth-Lab assets, Canadians have been in somewhat of a gray area. Sorry that I don't know the details, but I'll try to find out what it's all about.
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Cone

#5
(darn double click)
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Net4walk

#6
Thanks Cone,

I don't care about anything else but I really would like to use the software, I just found it out few days ago, the first sight on it I fell love with it because it offers unlimited possibility to do back test for me as a pascal and C++ programmer. I have tried Genesis and Metastock, they have a lot of limit on how you can backtest. Please let me know when you find anything out about this issue, i really want to be able to use it asap, it doesn't matter if it's WL4 or WL5, I am ok with both pascal and C#. Thanks again.
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vk

#7
Net4Walk, I think we are already communicating via email, I will get back to you via email on this issue as soon as I have the answer, ok?

vk
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Roland

#8

Net4walk,

The “temporary” answer to your question has been given before.

Step 1. Incorporate as an LLC in Delaware for instance (or elsewhere).
Cost: about $250. (Search the net, you will find it is relatively very
easy).
Step 2. Maintain ownership of US corporation as a Canadian.
Step 3. Open up an account with Fidelity using Delaware corporate address.
Step 4. Sign W-8 form and transfer funds from your bank to US Fidelity.
Step 5. Have fun. You will be registered as a foreign corporation doing
business in the US.

You will still have to fill Fidelity’s US requirements to open an account. You will still have to pay taxes, but don’t worry; you will pay the equivalent of only one tax (it is not double taxation). It’s a small price to pay to be a Canadian as this situation is the result of policies of the “Autorité des Marchés Financiers”. They “think” that people from Québec lack the skills to understand the intricacies of foreign markets, thereby their need to protect us, and also they want a piece of the action. And since Québec is such a small market, Fidelity, and others, are doing the same thing I would: they don’t need the extra peanuts and aggravation to survive and thereby their “no Canadian” policy. The “Autorité des Marchés Financiers” has maintained this policy for the past 8 years or so. I remember the first time I inquired in 2001 and was told that the matter would be resolved very soon! So don’t hold your breath, do what you think is best for you.

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Net4walk

#9
Thanks VK, I got your email reply. Please email me when you have the answer, i appreciate it!

Roland, Thank you very much, i never thought about this , i will look into it. i don't know if fidelity charges more commission on corporation though. I don't quite understand "Autorité des Marchés Financiers", what is it? it's an organization? I am not living in Quebec. Do they treat all Canadian as Quebecan?
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Roland

#10
Net4walk,

L'Autorité des Marchés Financiers" is the Québec equivalent to the SEC. Each province has its own. Which means that all Canadian provinces have the same philosophy... It's funny that Togo has no such problems using WLD.

You simply register with Fidelity with the Delaware corporate address (giving you an American status with an american address). Commissions will be the same as for an individual. You are just managing the corporate funds (technically your funds).
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Net4walk

#11
Thanks Roland.
I guess I have to find a American address where I can get the mail for the corporate, right?
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Roland

#12
Net4walk,

The web site where you will set up your new US corporation will provide you with the US address; be it Delaware, Wisconsin or other states that offer such services. These web sites also offer mail forwarding services for a small fee. Search the web, you will be surprised how many offer these services.
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Net4walk

#13
That's great. Roland
I appreciate your help!
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johnjan

#14
Roland, is it necessary to incorporate a new company? Suppose Net4walk has a friend in US, can he just give his friend's address to Fidelity?
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Roland

#15
johnjan,

I don't think it is enough. Unless the friend wants to pay the taxes too.

You need a legal entity: be it a person or a corporation of some kind with a US address. Is it worth the trouble and aggravation just because you are a Canadian? I think so. Why should I be denied opportunites that are available to everyone else? Opening a can of worms here... but, that's life.
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Net4walk

#16
I am proud of being Canadian!