Canadian moving to US with TN visa. What can I do with the cash from my liquidated TFSA account ($60k+)?

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breckak
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Joined: Fri Mar 15, 2019 11:43 pm

Canadian moving to US with TN visa. What can I do with the cash from my liquidated TFSA account ($60k+)?

Post by breckak » Sat Mar 16, 2019 12:18 am

Hello everyone, before I moved down to the US recently, I liquidated my TFSA account ($60k CAD+) as I read that there could be headaches involved while filing the tax here in the US. Now that I have a large sum of money sitting in cash, I'm wondering what I can (and should) do with this money without tax troubles.

I tried to look online but the only article I read about investing as a non-resident Canadian (I only have my driver's license and bank account in Canada so I believe I became a non-resident) was this one by WealthSimple (https://www.wealthsimple.com/en-us/maga ... ica-invest) which states that "if you want to invest [...] you can absolutely do that. But you can't use your Canadian investment accounts to do it."

What are some of the limitations to what I can do with my money in Canada? I do not want to move it across border as I do plan on possibly moving back in 5+ years and because the exchange rate is terrible at the moment. I would just like to invest this money from Canada in CAD with a non-registered account, which I thought would mean I would just have to file FBAR and report foreign income when I file tax for the IRS.

Any suggestions or help would be appreciated, thanks in advance!

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