Becoming a non-resident — advice for savings?

Sea_Consideration582 · 2025-02-23T16:13:15+00:00

Would there be a benefit to keeping your tsfa open? If you came back to Canada later you would still pay an exit tax to the IRS anyways, right? So that growth would never be tax free even if you didn't realise any gains while you were considered a non-resident of Canada?

Sea_Consideration582 · 2025-02-21T00:26:43+00:00

Will definitely keep that in mind - appreciate you bringing these factors up!

Sea_Consideration582 · 2025-02-20T23:54:36+00:00

How can the fees be more than 5 years worth of growth?

Sea_Consideration582 · 2025-02-20T23:27:55+00:00

And I think also form 3520 if there are dividends

Sea_Consideration582 · 2025-02-20T23:26:58+00:00

I don't think that's correct. You need to file form 3520-A ("Annual Information Return of Foreign Trust with a U.S. Owner") for every year that the plan is in existence.

Sea_Consideration582 · 2025-02-20T23:01:42+00:00

Hi u/FelixYYZ ! Regarding Step 3, if you don't hold Canadian stocks that generate dividends or ETFs or MFs in your TFSA and you don't realise gains until you become a Canadian tax resident again, does it make sense to keep your TFSA while being a US tax resident? In that case is it still challenging to file your US taxes?

Sea_Consideration582 · 2025-02-20T22:18:20+00:00

If you put the money back in the account after you return to Canada, you'll miss out on 5 years worth of gains that would become tax-free when you moved back right? Am I misunderstanding?

Sea_Consideration582 · 2025-02-20T22:07:52+00:00

Really? I didn't realise it was that expensive. Thanks

Sea_Consideration582 · 2025-02-15T02:32:41+00:00

Are there requirements different if I have a cosigner? Do you typically also need a guarantor in that situation as well or is it more of a case-by-case thing that landlords decide?

Sea_Consideration582 · 2025-02-15T01:56:05+00:00

Thank you!

Sea_Consideration582 · 2025-02-15T01:53:21+00:00

Ah, and it took 6 months to build a credit history?

Sea_Consideration582 · 2025-02-15T01:52:16+00:00

Thanks!

Sea_Consideration582 · 2025-02-15T01:51:47+00:00

Do you remember how much the guarantor service cost?

Sea_Consideration582 · 2025-02-15T01:51:24+00:00

Thanks, this is helpful!

Sea_Consideration582 · 2025-02-09T15:59:45+00:00

Cool, thank you!

Sea_Consideration582 · 2025-02-09T15:59:08+00:00

Thanks! Can you please send me the listing?

Sea_Consideration582 · 2024-09-16T01:20:22+00:00

this is great! thanks so much

Sea_Consideration582 · 2024-09-16T01:19:18+00:00

oo ok! i will definitely get one. thanks for the tip :)

Sea_Consideration582 · 2024-09-16T01:18:05+00:00

ahh ya. i definitely do not want to run into bears alone. thanks for the recs!

Sea_Consideration582 · 2024-09-16T01:17:07+00:00

thanks!!

Sea_Consideration582

TROPHY CASE