US and Global Investing for Canadians
US and international holdings: withholding tax, currency and listing choices.
Most of the world's stock market is outside Canada, so most portfolios hold US and international investments. This hub covers the costs that come with that: foreign withholding tax that depends on the account, currency conversion, and the choice between US-listed and Canadian-listed funds.
Start with the withholding tax guide, which shows what is lost in each account type, then the Norbert's Gambit walkthrough for converting currency cheaply. Tax rules link to the CRA and treaty sources, and conversion costs come from the brokerages' own pages.
Account choice and brokerage choice are covered in their own hubs; this hub assumes you've made those decisions.
What this hub helps you decide:
- How much foreign withholding tax do I lose in each account?
- US-listed or Canadian-listed ETF?
- How do I convert currency cheaply?
- Do US holdings create estate issues?
Updated November 2026 · 2 guides by Andrew
Start here
- US Withholding Tax on Dividends by Account Type (TFSA, RRSP, Non-Registered)
- Norbert's Gambit Step by Step: Questrade, Wealthsimple, and IBKR
New to investing? Read the overview first: How to Invest in Canada: The Optimizer's Guide to Accounts, ETFs, and Brokerages.
All US & Global Investing guides
Norbert's Gambit Step by Step: Questrade, Wealthsimple, and IBKR
Norbert's gambit beats a 1.5% FX fee once the amount covers a $9.95 journal. At Interactive Brokers, the broker's own conversion is usually cheaper.
US Withholding Tax on Dividends by Account Type (TFSA, RRSP, Non-Registered)
US portfolio dividends face 15% withholding under the Canada-US treaty, or 30% without it. An RRSP can be exempt. A TFSA cannot recover the tax.