FHSA and going to US on a TN visa

[Psabby]

I have an FHSA (first home savings account) with about $8K.

Taking a TN visa soon and expect to become resident alien this year. Wondering what types of reporting will be needed on this FHSA since funds can’t be withdrawn unless buying a house. Funds will be invested in non interest non dividend paying stock.

I am disposing/closing my TFSA. Keeping RRSP.

[nelsona]

For Cdn purposes, your FHSA can remain intact.

https://www.canada.ca/en/revenue-agency ... fhsas.html

However, the FHSA is not recognized by US, so any income generated by the account would be taxable year over year.

Plus, your broker may not wish to have US residents as participants, due to extra paperwork and regs on their part.