TFSA Question as a U.S. Resident

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cadusd
Posts: 5
Joined: Sat Nov 18, 2023 10:07 pm

TFSA Question as a U.S. Resident

Post by cadusd »

I’m a Canadian Citizen who moved to the U.S. last year on a Green Card and made sure to close my TFSA before moving down here. However, when completing my FBAR I realized I had a TFSA with a zero dollar balance which I completely forgot about. I never even funded the account and it had zero trading activity.

The brokerage emailed me saying they would automatically close the account due to inactivity. However, they sent this email weeks after I moved to the U.S.

I’m curious, did I need to file a 3520 or any other form? I reported it on my FBAR.
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: TFSA Question as a U.S. Resident

Post by nelsona »

I would consider the matter closed. Most do not file 3520 for TFSA, especially now that it is closed.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
cadusd
Posts: 5
Joined: Sat Nov 18, 2023 10:07 pm

Re: TFSA Question as a U.S. Resident

Post by cadusd »

Thank you for your reply.

I'm also wondering, what about things like an RPP (defined contribution)? I am quite young and only had a few hundred dollars in it from my first job but since moving down here, I haven't withdrawn it.

Wasn't sure if there was any special reporting requirements for the RPP.
nelsona
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Re: TFSA Question as a U.S. Resident

Post by nelsona »

No.
When you withdraw simply report the income as pension,
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
cadusd
Posts: 5
Joined: Sat Nov 18, 2023 10:07 pm

Re: TFSA Question as a U.S. Resident

Post by cadusd »

Got it, thank you for your help.
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