Commuter, 1040NR, and US content in TFSA?

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spocket
Posts: 26
Joined: Mon Apr 03, 2006 1:22 pm
Location: Ontario, CANADA

Commuter, 1040NR, and US content in TFSA?

Post by spocket » Wed Mar 27, 2019 9:33 am

Hello
First, thanks to all the knowledgeable people sharing knowledge here, I have not been posting much but reading from time to time and learned things that helped me.

I am a Canadian citizen and resident, daily commuting to work in US for a US company.
As such, I am filing a 1040NR form (I am married and do take advantage of the XXV treaty article w the pro-forma and all, thanks to this forum) in which I ONLY report US sourced income (only wages). In Canada I file reporting 'world income'.

My understanding, also confirmed by reading this forum, is that as a result I am OK with taking TFSA's in Canada without being taxed in USA since I only report wages there.Correct me if I am wrong (I understand that the growth would need to be part of the pro-forma to be accurate)

My question, is: For this to be true, does one needs to be sure the TFSA has no US content (stocks or else)? If there is US content, would the growth of it be considered "US Sourced Income" that would need to be declared on the 1040NR?

Thanks in advance, if somebody can clarify this. I searched the forum but could not find an answer.

nelsona
Posts: 15980
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Commuter, 1040NR, and US content in TFSA?

Post by nelsona » Wed Mar 27, 2019 10:13 am

This is not a problem.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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