Gameplan for TFSA

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agrisiva
Posts: 56
Joined: Sun Mar 18, 2012 1:27 pm
Location: Vancouver, BC

Gameplan for TFSA

Post by agrisiva »

My spouse and I have TFSA accounts with a discount broker invested in ETFs. We are becoming US Legal Permanent Residents end of this month. We would like to keep our accounts for our future retirement in Canada. This forum and senior members are awesome, and I went through several threads on filing requirements, and this is what we are inclining to do with our two accounts. We sold our winners and bumped up the cost basis already.

File these forms end of the year and pay full taxes to the IRS.
- FBAR
- 8938
- PFIC 8621 for my ETFs
- No, not going to file 3520/3520A

I will appreciate any thoughts or comments....
taxesarehardd
Posts: 2
Joined: Sat Mar 11, 2023 1:53 pm

Re: Gameplan for TFSA

Post by taxesarehardd »

One thing to keep in mind if you are long term green card holder (LPR) is that the TFSA could be subject to exit tax when you move back. Also, I am not sure why having PFICs is worth it, there are plenty of US etfs you can buy that will avoid this headache.
agrisiva
Posts: 56
Joined: Sun Mar 18, 2012 1:27 pm
Location: Vancouver, BC

Re: Gameplan for TFSA

Post by agrisiva »

thanks @taxesarehardd for your comments. When you said US ETFs, did you mean the ones that trade in NewYork that I can buy after I convert my CAD to USD within my Questrade account?
cadusd
Posts: 5
Joined: Sat Nov 18, 2023 10:07 pm

Re: Gameplan for TFSA

Post by cadusd »

Curious, also a LPR from Canada. Did you still end up keeping your TFSA?
agrisiva
Posts: 56
Joined: Sun Mar 18, 2012 1:27 pm
Location: Vancouver, BC

Re: Gameplan for TFSA

Post by agrisiva »

yes, we both still our TFSA accounts. I am waiting for my positions to turn positive as I don't want to sell them and lock-in the paper loss.
mariarand
Posts: 1
Joined: Mon Dec 04, 2023 12:28 pm

Re: Gameplan for TFSA

Post by mariarand »

Like many investment advisors, Adrian Mastracci considers tax-free savings accounts an important part of a total financial game plan.
Phisixkl
Posts: 1
Joined: Wed Dec 13, 2023 9:13 am

Re: Gameplan for TFSA

Post by Phisixkl »

Adrian Mastracci, like a lot of investment advisors, views tax-free savings accounts as a crucial component of a comprehensive financial strategy.
timelyagenda
Posts: 3
Joined: Thu Apr 11, 2024 5:22 am

Re: Gameplan for TFSA

Post by timelyagenda »

If you have a long-term green card (LPR), one item to consider is that you may have to pay exit tax on your TFSA when you go back. As I don't want to sell them and lock in the paper loss, I am waiting for my positions to become positive.
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