During 2015, I spent 227 days as a resident of Canada and 138 days as a resident of the United States after securing TN status with a new employer.
I changed my address details in CRA MyAccount to my U.S address and am now presented with the following message:
'TFSA Non Resident Contributor
Non-residents cannot make contributions to a TFSA or accumulate contribution room for these accounts. Individuals must be residents of Canada while making contributions.'
Question: Since I was living and working in Canada in 2015, did I 'earn' the $10,000 CAD TFSA limit for 2015 or do I forfeit it? When I return to Canada, after terminating my U.S employment or through expiration of my TN, will this 10K limit carry forward for use in future years?
TFSA Limit
Moderator: Mark T Serbinski CA CPA
You will get contribution room for 2015 dince you were at some point resident.
CRA was correct that no contribution can be made while non-resident (you are non-resident since the summer)
As you should realixe, your TFSA is fully taxable in US on its internal income, and has onerous reporting rules and penalties.
We advise here to collapse your TFSA to avoid these problem when you move to US. So, you should do this now.
You can always replenish it when you go back.
CRA was correct that no contribution can be made while non-resident (you are non-resident since the summer)
As you should realixe, your TFSA is fully taxable in US on its internal income, and has onerous reporting rules and penalties.
We advise here to collapse your TFSA to avoid these problem when you move to US. So, you should do this now.
You can always replenish it when you go back.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best