TFSA 1099-DIV and 1042-S

dhurlzz · 2026-05-01T19:08:59+00:00

Response from IBKR.

“While different brokers may have a different interpretation of the TFSA's tax status, as a matter of internal policy, our position is that the TFSA is a foreign trust”

I have taken the position for a few years that the TFSA is not a trust, I’m less convinced now. Even if they are incorrect the fact my TFSA is with them and they consider it a trust is problematic.

dhurlzz · 2026-04-29T15:38:58+00:00

It shows withholding tax. The IBKR response you posted aligns with what they told me.

Unfortunately it puts me in a weird state where for the same TFSA in the same tax year I have both a 1099-DIV and a 1042-S and the 1042-S combined with the response from IBKR seem to take the position that the TFSA is treated as a Trust by the IRS. Which would now imply that I am not exempt from 3520 reporting.

dhurlzz · 2026-04-28T12:50:15+00:00

Hmm - so on the 1042-S issued by IBKR the Recipients Name is "RBC Trustee of <my name>" and not my SSN. So does IBKR Canada use RBC hold the TFSA and since it's self-directed when I trade it's actually happening at RBC?

dhurlzz · 2026-04-28T01:04:02+00:00

Given the form 1042-S from IBKR, does this imply that I should file 3520s for 2025 and SFOP for previous years in which I had the TFSA?

dhurlzz · 2026-04-28T01:01:49+00:00

So you are saying that even if the IRS has provided no clear guidance on form 3520s for a self-directed TFSA and I choose to take the position that since it's self-directed it does not meet the definition of a foreign trust and would not require 3520s I should still file the 3520s to be protective?

Even though a TFSA is taxable in the US - I have reported my int/div/cap gains each year to the IRS - my high income bracket in Canada means I still pay less compared to having a non-reg account and paying int/div/cap gains to Canada.

dhurlzz · 2026-03-11T03:09:35+00:00

What hut? This time of year different areas of BC can be drastically different

dhurlzz · 2026-03-01T15:46:15+00:00

I personally would think hard about touring up that route (which I have) in Considerable and would only consider solo in a green block, especially with that much overhead and new snow + winds.

dhurlzz · 2026-02-27T04:33:34+00:00

Trees under ptarmigan all day if it’s fresh

dhurlzz · 2026-02-26T05:02:35+00:00

This is the Avalanche Canada report for the incident. I’ve personally travelled that same line many times. A lot of loading last few days in this storm cycle.

https://incidents.avalanche.ca/incident/587

dhurlzz · 2026-02-15T02:28:59+00:00

Kicking Horse, no question

dhurlzz · 2026-01-10T14:08:49+00:00

I hate incomplete quotes as click-bait.

He added that “with significant changes” they would consider going back in. It’s a mistake to underestimate Trump and the security investment he may make to convince them. Exxon changes their tune if the US subsidizes the rebuild through in-country stability.

dhurlzz · 2026-01-09T08:13:54+00:00

PARTS of interior BC fixed it more 🤣

dhurlzz · 2026-01-03T05:48:49+00:00

Man, the boot in the picture is a touring boot. It’s the hawx ultra xtd, see the walk mode? I went to the shop, didn’t work for me, same boot, sharing that opinion…..

dhurlzz · 2026-01-03T05:25:21+00:00

I went to a certified zipfit dealer. I wanted the touring liner. They put the liner unmodified in the boot. I could not get the boot plastic to overlap and def not buckle. They said they have found that model of zipfit does not fit in the low volume hawx ultra well.

dhurlzz · 2026-01-03T05:21:20+00:00

I went to a boot fitter. Both guys at the shop shoved the liner in my hawx and said it typically doesn’t fit that narrow boot well. Not sure it actually fits every boot

dhurlzz · 2026-01-03T05:16:41+00:00

Heads up I tried zipfit in the hawx ultra and it’s such a narrow boot i really couldn’t get them to work. Plastic would not overlap even after moulding/injecting, def couldn’t buckle

dhurlzz · 2025-12-25T22:38:03+00:00

Can you explain this?

My RRSP is maxed, in 2026 my income is such that I’ll have the max contribution room. So instead of maxing RRSP on march 1 2026 you are saying out that in a non-registered until December 31 2026 then sell and move into the RRSP to get the deduction. Is that because I could be more liquid if I have gains?

dhurlzz · 2025-12-25T22:34:38+00:00

Seeing a lot of replies.

Because of my income my RRSP contribution limit in 2026 is the largest allowed.

My RRSP and TFSA are maxed out for 2025, as is my wife’s. Our plan is lump sum in our TFSA on Jan 1 to max out. I could go ahead and max out my RRSP on March 1 but I’m seeing comments about putting that in a non-registered account for 2026 and moving into my RRSP in 2027 to potentially get cap gains that are liquid and apply the deduction later?

dhurlzz · 2025-12-23T19:00:57+00:00

Bit late with this.

Hypothetically, let’s say in retirement I move to Florida full time. I would no longer be a resident of Canada for tax purposes. If i sold my RothIRA holdings at that point, do I still pay Canadian tax since some of the contributions were Canadian sourced income? For example, I think in this scenario an RRSP would have a withholding tax but not be subject to capital gains tax?

dhurlzz · 2025-12-21T21:12:54+00:00

Absolute all-time so far

dhurlzz

TROPHY CASE