Have a TFSA account with several thousand of dollars in it.
Funds not invested, no capital gain, except a small savings account rate of return 0.25 to 1%.
The account has been reported in FBAR form yearly.
Would it be considered a taxable event in US if all funds are withdrawn? If so, where should it be reported?
Thank you
TFSA withdrawal after moving to US
Moderator: Mark T Serbinski CA CPA
Re: TFSA withdrawal after moving to US
The withdrawal itself is not a taxable event, you should have been reporting the interest every year, and that is all that it is generating.
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
Re: TFSA withdrawal after moving to US
Thank you nelsona!
If the interest earned for 2020 is only $15, is it still required to be reported? There is no threshold below which it is not required to be reported?
If it should be reported, what can I do to make up for the miss?
If the interest earned for 2020 is only $15, is it still required to be reported? There is no threshold below which it is not required to be reported?
If it should be reported, what can I do to make up for the miss?
Re: TFSA withdrawal after moving to US
Where would you get the idea that interst below a ceratin amount need not be reported, that has never been the case in canada or US.
What figure had you imagined?
You submit a 1040X and adjust the income to your return on the taxable interest line.
What figure had you imagined?
You submit a 1040X and adjust the income to your return on the taxable interest line.
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