What to do with a TFSA?

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babingley
Posts: 5
Joined: Mon Jan 30, 2023 9:06 pm

What to do with a TFSA?

Post by babingley »

Canadian citizen, moved to the US for permanent work in Dec 2022. I currently have a TFSA that is an actively managed portfolio. I've seen numerous threads detailing the difficulties of holding a TFSA while in the US. I should note that I plan to get a greencard and remain here.

What is my best option? Should I liquidate the TFSA and reinvest here? Or, is it possible to transfer the portfolio to a US broker? Finally, will I need to report this TFSA on my US tax filing if I were to, say, liquidate the account this week?

As always your advice is appreciated.
nelsona
Posts: 18314
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: What to do with a TFSA?

Post by nelsona »

You will need to report the existence of the account on your 2022 and 2023 FBAR.

You should be able to transfer the stocks to a US broker, without triggering a taxable event.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
babingley
Posts: 5
Joined: Mon Jan 30, 2023 9:06 pm

Re: What to do with a TFSA?

Post by babingley »

Thanks so much for your reply, nelsona. I appreciate it.
gafizifa
Posts: 1
Joined: Thu Feb 16, 2023 4:01 am

Re: What to do with a TFSA?

Post by gafizifa »

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