TFSA and J1 Scholar Visa

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PhDCanada
Posts: 1
Joined: Tue Jul 28, 2015 11:59 am

TFSA and J1 Scholar Visa

Post by PhDCanada »

Hi there,

I am a Canadian resident/citizen. I will be starting a PostDoctoral fellowship in Maryland on September 1st. I currently have a TFSA account in Canada. I will be on a J1 Scholar Visa.

I am wondering:
1) Do I need to close my TFSA account before I leave?
2) Can I leave money in the account while I am gone?
3) Should I add money now before I leave?

Any advice you can provide would be greatly appreciated!
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nelsona
Posts: 18699
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

The reason for closing TFSA is the extra paperwork (and US taxes) associated with TFSA for US residents and/or US citizen taxpayers living ib Canada.
As a J1, you are neither. You remain a Cdn tax resident, and are NOT considered a US tax resident. You will file 1040NR.
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
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