TFSA TAX TREATMENT | CANADA TO USA CROSS BORDER!

[@TommyVercetti6969]

Hey Great Video! What if I do not close my TFSA, move to USA ( Stay for 5 years, do not make any trade let my money grow ), go back to Canada permanently after 5 years. Do I need to pay any taxes to USA at all related to this TFSA?

[@bahroz]

Yes in that case on any dividend earned

[@TommyVercetti6969]

@@bahroz Makes sense. We understand that the tax filling for each year may get complicated and need to pay tax on dividends but atleast the capital gains growth is not taxes (As long as we do not touch these accounts). We will obviously have to report all of this in tax filling.

[@bahroz]

@ there is no mathematical or ROI reason to keep it… if anything it will cost you more… dividend tax and cost of filing

[@TommyVercetti6969]

Well! We messed up and did not pay attention to this. Now if we close it we would end up paying IRS taxes on Capital gains. So we are thinking we will keep this as is, deal with tax filling complications but atleast not pay IRS and when we come back will use it during our retirement.

[@bahroz]

@ when did you move to usa ?

[@lmnt02]

Basically all I'm hearing is do not move to the US 🤣🤣🤣

[@bahroz]

Not at all rather come to usa and bring your money (in tfsa) with you :)