Question of the Week – Can International Students invest in the stock market?

Submitted by nsscadmin on Wed, 09/11/2019 - 10:00

This question came from someone who overheard a conversation at a party. They overheard someone tell another partygoer that international students could not invest in the Canadian stock market. The way it was explained to them was not correct.

Thousands of international students attend college or university throughout Nova Scotia every year. These international students can open a TFSA or RRSP account at Nova Scotia banks, credit unions or investment firms. Through this type of account, they can invest in various investment products and assets, including stocks, bonds, ETFs and mutual funds. The accounts can be self-directed or one managed by an adviser or broker. To open a TFSA in Nova Scotia they must be the age of majority to legally sign a contract, which is 19 years old, and have a social insurance number. The age of majority requirement also applies for an RRSP account, and a social insurance number is also required. To claim any RRSP deductions the student must have earned income in Canada from the previous year.

Some banks, credit unions or investment firms may have other requirements for opening certain accounts so be sure to ask questions and read the fine print before opening any account or giving them any of your money.

Failure to file annual financial statements.
Failure to file interim financial statements.
Failure to file an annual or interim management’s discussion and analysis (MD&A) or an annual or interim management report of fund performance (MRFP).
Failure to file an Annual Information Form (AIF).
Failure to file a certification of annual or interim filings required by Multilateral Instrument 52-109 Certification of Disclosure in Issuers’ Annual and Interim Filings (MI 52-109).
Failure to file required proxy materials or a required information circular.
Failure to file an issuer profile supplement on the System for Electronic Disclosure by Insiders (SEDI).
Failure to file a material change report.
Failure to provide a written update after filing a confidential report of a material change.
Failure to file a business acquisition report.
Failure to file annual oil and gas disclosure prescribed by National Instrument 51-101 Standards of Disclosure of Oil and Gas Activities (NI 51-101) or technical reports for a mineral project required under NI 43-101 Standards of Disclosure for Mineral Projects (NI 43-101).
Failure to file a mandatory news release.
Failure to file corporate governance disclosure as required by national Instrument 58-101 Disclosure of Corporate Governance Practices (NI 58-101).
Failure to file audit committee disclosure as required by Multilateral Instrument 52-110 Audit Committees (MI 52-110) or BC Instrument 52-509 Audit Committees.
Failure to include disclosure in an issuer’s MD&A relating to disclosure controls and procedures and their direct effectiveness that is referred to in a certificate filed under MI 52-109.
Financial statements of the reporting issuer, or the auditors’ report accompanying the financial statements, do not comply with the requirements of NI 51-102 Continuous Disclosure Obligations (NI 51-102), National Instrument 81-106 Investment Fund Continuous Disclosure (NI 81-106) or National Instrument 52-107 Acceptable Accounting Principles, Auditing Standards and Reporting Currency (NI 52-107).
The reporting issuer has acknowledged that its financial statements, or the auditors’ report accompanying the financial statements, may no longer be relied upon.
The reporting issuer’s AIF, MD&A, MRFP, information circular, or business acquisition reports do not contain information for each of the content items required by NI 51-102 or NI 81-106.
The reporting issuer’s technical disclosure or other reports do not comply with the disclosure requirements of NI 43-101 or 51-101.
Failure to pay a fee required by the Act or the regulations.
Failure to comply with any other requirement related to continuous disclosure.