rrsp, rfs - non taxable hence keep investing and trading.hello, I would like to ask those people who are Canadian citizenships who moved to the US either temporarily and permanent. How do you handle your Canadian investments. like RRSP/TFSA and any properties here (rental, etc) .?
RRSP is fine.hello, I would like to ask those people who are Canadian citizenships who moved to the US either temporarily and permanent. How do you handle your Canadian investments. like RRSP/TFSA and any properties here (rental, etc) .?
That's unfortunately not the right answer for the TFSA. The U.S. does not recognize this as a tax-free account. Here's a good article that provides an overview:rrsp, rfs - non taxable hence keep investing and trading.
Rental - i think its 25% tax on rental income(after deducting expenses) as a non resident. Keep the property if its getting rented easily and covering the expenses of mortgage+tax.
Ok, looks like taxable even every year. Do we get any form from the financial institution on the yearly income?That's unfortunately not the right answer for the TFSA. The U.S. does not recognize this as a tax-free account. Here's a good article that provides an overview:
https://www.moneysense.ca/columns/ask-moneysense/what-canadians-living-in-the-u-s-need-to-know-about-tfsas/
Yes - it is a massive pain in the a**. My American husband immigrated to Canada a while back and is not allowed to have a TFSA for this reason. Sucks.Ok, looks like taxable even every year.
"More importantly, the income generated by the TFSA is taxable each year on your U.S. tax return. "
But they should be allowing to open one because they were asking too many questions for opening a tfsa account online with IB few months ago and then asking clarification on why i have ssn and sin etc. So i explained that i live in windsor and daily commuting to work in US hence i have ssn too. Later they approved my account few months ago.Yes - it is a massive pain in the a**. My American husband immigrated to Canada a while back and is not allowed to have a TFSA for this reason. Sucks.
There's no issue with being able to open an account. Any financial institution will open a TFSA in this situation. You just get completely screwed when it comes to U.S. taxes. So it's not worth having a TFSA if you have to file U.S. taxes. You don't get any of the benefits and it complicates the tax filing process. Basically lots of trouble for no financial gain.But they should be allowing to open one because they were asking too many questions for opening a tfsa account online with IB few months ago and then asking clarification on why i have ssn and sin etc. So i explained that i live in windsor and daily commuting to work in US hence i have ssn too. Later they approved my account few months ago.
Not sure if this was the case earlier but now they are allowing if we are resident(at least interactive brokers are now allowing after some additional documents - forgot if i sent some proof of having ssn) but its doable now if he is still resident of Canada. Try with IB.