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joeman4
Returning Member

Tax reporting of TFSA as non-resident

I became a non-resident of Canada in the prior tax year, but I still have stocks invested in my TFSA. I do not have any other income or interest received from Canadian sources this tax year, except for my TFSA (I made no contributions to it since I am not eligible to contribute as a non-resident). Am I required to file federal or provincial taxes (or any forms) if I only have a TFSA and nothing else? Thanks!

2 Replies
thakar88
Level 3

Tax reporting of TFSA as non-resident

Thank you for choosing TurboTax.

If you become a non-resident of Canada or are considered to be a non-resident for income tax purposes you will be allowed to keep your TFSA. As you said you have not made any contribution since you became non-recident you will not need to file tax in Canada.  you will not be taxed in Canada on any earnings in the account or on withdrawals from it. 

 

Visit this CRA link for more information: https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/tax-free-savings-account/who...

Surajth
Level 6

Tax reporting of TFSA as non-resident

Thanks for choosing TurboTax.

 

Your TFSA will remain intact if you become a non-resident of Canada or are deemed to be a non-resident for income tax purposes. You don't need to file taxes because you haven't contributed since you became a non-resident. Neither the earnings in the account nor withdrawals from it will be taxed in Canada.

 

An individual who is 18 years of age or older and who has a valid social insurance number (SIN) is eligible to open a TFSA

 

If you require further assistance, please contact our phone support team or contact us directly on Facebook or Twitter.

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