How do I buy US stocks in Canada?

Open an account with a broker whose Canadian entity is regulated by CIRO and offers US markets, complete the residency form so the 15% treaty rate applies to dividends, fund the account, and place an order for the NYSE or Nasdaq share during US hours, 9:30 to 16:00 Eastern time.

How do I buy Disney stock in Canada?

There are two routes. Buy Walt Disney (DIS) on the NYSE in US dollars through a Canadian broker that offers US markets, or buy the Disney Canadian Depositary Receipt, which CIBC issues and which trades on Cboe Canada in Canadian dollars with a built-in currency hedge.

Which US brokerage accounts are open to Canadian residents?

Most US retail brokerages do not accept Canadian residents. Canadians normally use a Canadian firm instead. Of the brokers we cover, Interactive Brokers, Moomoo and Webull each operate a Canadian entity that is a CIRO and CIPF member and offers US-listed shares.

Do Canadians pay US tax on US dividends?

Yes, at source. The US withholds 15% under the Canada–US treaty, or 30% if your broker has no residency form for you. US-listed shares held directly in an RRSP are generally exempt. In a non-registered account you can claim a foreign tax credit in Canada for the US tax paid.

Should I hold US stocks in a TFSA or an RRSP?

For US dividend payers, the RRSP has the advantage, because the treaty generally exempts its dividends from US withholding. In a TFSA the 15% is still withheld. For US shares that pay little or no dividend, the difference is small.

Do I have to report US stocks to the CRA?

If the total cost of your specified foreign property, which includes US shares held at a Canadian broker, is more than CAD 100,000 at any time in the year, you must file Form T1135. Shares held in an RRSP or a TFSA are excluded.

How to Buy US Stocks in Canada: Brokers, Tax and CDRs

Canadians can buy Disney, Apple or any other NYSE and Nasdaq share from a Canadian account. What decides the result is the account you hold it in, what the currency conversion costs, and whether you buy the US share or its Canadian-dollar receipt.

Yes — from a Canadian account, in the same trading hours as Toronto

Canadian residents can buy shares listed on the NYSE and Nasdaq through a Canadian brokerage account. You do not need a US address or a US bank account. Regular US trading runs 9:30 to 16:00 Eastern time, the same session as the Toronto Stock Exchange, so there is no time-zone problem to solve. What you do have to decide is which account the shares sit in, because that changes how much US tax comes off your dividends, and how you pay for the US dollars.

Three brokers we cover that have a Canadian entity

Most US retail brokerages do not open accounts for Canadian residents. Of the brokers we review, three run a separate Canadian firm that is regulated by the Canadian Investment Regulatory Organization (CIRO) and is a member of the Canadian Investor Protection Fund (CIPF):

Canadian entities offering US-listed shares — as each firm publishes
Broker	Canadian entity	Registered accounts it lists
Interactive Brokers	Interactive Brokers Canada Inc. — CIRO and CIPF member	TFSA, RRSP, FHSA
moomoo	Moomoo Financial Canada Inc. — CIRO and CIPF member	TFSA, RRSP
Webull	Webull Securities (Canada) Limited — CIRO and CIPF member	TFSA, RRSP

These are editorial listings, not partners of this site. Fees at the Canadian entity can differ from the US prices quoted elsewhere, so read the Canadian fee schedule before you fund. The full comparison is on brokers that accept Canadian residents and best brokers for non-US residents.

CIPF membership matters because it is what protects you if the firm itself fails: up to CAD 1 million for your general accounts combined, which includes a TFSA and an FHSA, plus a separate CAD 1 million for registered retirement accounts such as an RRSP. It does not cover a fall in the price of your shares.

The account decides the US dividend tax

The US withholds tax on dividends paid to non-residents. The default is 30%; the Canada–US tax treaty cuts it to 15% once your broker has documented that you live in Canada, usually with a W-8BEN form completed online. The treaty then treats one Canadian account differently from the rest:

US dividend withholding for a Canadian resident, by account type
Account	US tax on dividends	What it means
RRSP	Generally exempt	The treaty exempts dividends earned by a Canadian retirement plan, so US-listed shares held directly in an RRSP are generally paid in full.
TFSA	15% withheld	A TFSA is tax-free in Canada, but the Canada Revenue Agency notes that foreign dividends paid into it can still be taxed at source.
Non-registered account	15% withheld	The dividend is taxable in Canada, and you can claim a foreign tax credit for the US tax already paid.

That is the reason Canadian investors often keep US dividend payers in an RRSP and US growth shares that pay little or nothing in a TFSA. The US does not tax a Canadian resident's capital gains on US shares in any of the three; gains in a non-registered account are taxed in Canada. What the W-8BEN form does, and the rate in every country we cover, or work out your own dividend withholding.

How to buy Disney stock in Canada: two routes

Disney is a good example because Canadians can buy it two ways. The first is the real share: Walt Disney (DIS) on the NYSE, bought in US dollars through any of the brokers above. You own the US share, you receive its dividend less the withholding in the table, and you carry the US-dollar exchange rate in both directions.

The second is a Canadian Depositary Receipt (CDR). CIBC issues a Disney CDR that trades on Cboe Canada in Canadian dollars, also under the ticker DIS. A CDR costs a fraction of the price of the US share and has a built-in currency hedge, so you need no US dollars and the receipt is designed to track the share rather than the exchange rate. You hold a receipt issued by a Canadian bank, not the NYSE-listed share itself, and CDRs exist only for a selected list of large US companies.

Neither route is better for everyone. If you want exposure to the US dollar as well as to the company, or the company has no CDR, buy the US share. If you want the company without the currency, the CDR is the simpler order.

Two things Canadian buyers miss

Currency conversion is usually the largest cost. A broker that charges no commission but converts Canadian dollars at its own rate on every trade can cost more than one that charges a small commission. If you trade US shares regularly, hold a US-dollar balance so that you convert once, not on every purchase and sale.
Form T1135 above CAD 100,000. US shares are specified foreign property even when a Canadian broker holds them. If the total cost of your foreign property is more than CAD 100,000 at any time in the year, you must file Form T1135 with your tax return. Shares held in an RRSP or a TFSA are excluded.

Step by step

Choose the account first: an RRSP for US dividend payers, a TFSA or a non-registered account for the rest.
Open it with a broker whose Canadian entity is a CIRO and CIPF member and offers US markets.
Complete the residency form (W-8BEN) when prompted, so that 15% is withheld instead of 30%.
Fund in Canadian dollars and check the conversion charge, or hold a US-dollar balance.
Place a limit order during US hours, 9:30 to 16:00 Eastern time. Limit vs market orders.

Published 2026-10-07. Informational only, not investment or tax advice. Tax rules change and personal circumstances differ; confirm your position with a qualified adviser in Canada.