AM I ELIGIBLE FOR TFSA???

[from_mumbai]

Hi,

Currently I'm on post grad work permit and not yet a PR. I'm living in Canada since 3 years and have already applied for PR. I want to open up a TFSA but the lady at a TD branch said that I'm not eligible...
She said that I need to be a PR or citizen.

I checked online and it says that I must reside in Canada (Canadian resident). Didn't see anywhere that I must be a permanent resident or a Canadian citizen.

The lady says Canadian resident means a permanent resident but I don't think so.. Is there anywhere that I can find the meaning of this terminology?

Would be great if someone could help me out with this...

 

[Harju]

http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/lgbl-eng.html

I think you need to be a resident of Canada for tax purposes.

 

[Penna7]

Hi there, I am also on study and work permit and I have Tax free saving account. Why not? I reside in Canada, get paid, I pay taxes...

 

[from_mumbai]

Thanks a lot Penna7 and Harju...

Looks like the lady at the bank doesn't know the rules well...

 

[AnaMaria]

Actually it is for PR and citizens only. I don't know how Penna was allowed to open the account though. I would double check the account holding institution. Might get penalized.

 

[from_mumbai]

Actually it is for PR and citizens only. I don't know how Penna was allowed to open the account though. I would double check the account holding institution. Might get penalized.

yes you are right and thats what multiple people at TD told me..

They said that they can open a TFSA for me but it would be under my risk if I get penalized in future.
After I tried to argue on this, she asked various people at higher level in TD and after her research for about a week, she still said no.

She said that if the SIN start with 9 (temporary), you are not eligible for TFSA, if however you tried to get one set up, there will be problems in future when you become a PR and get a new SIN which is permanent.

 

[dbss]

yes you are right and thats what multiple people at TD told me..

They said that they can open a TFSA for me but it would be under my risk if I get penalized in future.
After I tried to argue on this, she asked various people at higher level in TD and after her research for about a week, she still said no.

She said that if the SIN start with 9 (temporary), you are not eligible for TFSA, if however you tried to get one set up, there will be problems in future when you become a PR and get a new SIN which is permanent.

if that is the case then how come CRA is issuing you the limits for the TFSA....call CRA because in the end it would be CRA who would be making the decision....I have online login for CRA and it shows me my limits from the time I turned 18.. and yes, my SIN starts with a 9

 

[seton]

Actually it is for PR and citizens only. I don't know how Penna was allowed to open the account though. I would double check the account holding institution. Might get penalized.

Actually no - you only need to be a resident of Canada to accumulate TFSA room. Refer to http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/tfsa-celi/lgbl-eng.html

yes you are right and thats what multiple people at TD told me..

They said that they can open a TFSA for me but it would be under my risk if I get penalized in future.
After I tried to argue on this, she asked various people at higher level in TD and after her research for about a week, she still said no.

She said that if the SIN start with 9 (temporary), you are not eligible for TFSA, if however you tried to get one set up, there will be problems in future when you become a PR and get a new SIN which is permanent.

Unfortunately the TD person is providing you with incorrect information.

If you login to your MyCRA site, you can view your TFSA room on the website. I would recommend printed this out for them, as well as the link I gave earlier, so that they can understand the rules. Having a temporary SIN has no bearing on accumulating TFSA contribution room, as long as you meet residency requirements for tax purposes.

 

[from_mumbai]

Thank you seton and dbss,

thats what I still think on the back of my brain.. but TD is confusing me.. I'll go to another branch and ask about this today..

Thanks again...!

 

[dbss]

Thank you seton and dbss,

thats what I still think on the back of my brain.. but TD is confusing me.. I'll go to another branch and ask about this today..

Thanks again...!

Which are are you in?

If you are in Toronto go to the downtown branches any of them....dont ask them anything and tell them you want your tfsa opened....if they dont open go to BMO...my friend has tfsa with them...

 

[from_mumbai]

Which are are you in?

If you are in Toronto go to the downtown branches any of them....dont ask them anything and tell them you want your tfsa opened....if they dont open go to BMO...my friend has tfsa with them...

I'm in Ottawa right now.. I asked two places, they said no.. will go to other branches next week...

thanxx !

 

[SenoritaBella]

Have you tried Royal Bank? People confuse "resident of Canada" with "permanent resident". I had a TFSA eventhough I was a foreign worker.

 

[from_mumbai]

Have you tried Royal Bank? People confuse "resident of Canada" with "permanent resident". I had a TFSA eventhough I was a foreign worker.

No, I haven't tried Royal Bank.. I'm with TD as they have more branches and open until late timings...
if TD still refuses to do so, I'll go to Royal Bank..

I agree with you.. many people are confused with these terms as they make an assumption that they are the same thing which I disagree..
also, I couldn't find a proper explanation on the web to give them regarding the definition if "resident of Canada" or anything saying that its different from PR

 

[seton]

I couldn't find a proper explanation on the web to give them regarding the definition if "resident of Canada" or anything saying that its different from PR

Here you go: http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html

It's all based on your presence/ties to Canada, and not your immigration status.

When the CRA means "resident of Canada", they refer the residency as described above.

 

[from_mumbai]

Here you go: http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html

It's all based on your presence/ties to Canada, and not your immigration status.

When the CRA means "resident of Canada", they refer the residency as described above.

thanks seton.. I'll print this out to show them.. also, I just called CRA and the guy said that I should be able to have a TFSA. Whether I have a temporary or permanent SIN is immaterial…
I've determined to get it done today...