Скачать или смотреть Your Move to Canada | TFSA Explained for Americans in Canada: Tax Benefits & U.S. Issues

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The Tax Free Savings Account is one of Canada’s most powerful investment tools. But if you are an American moving to Canada, or a U.S. citizen or green card holder already living here, the TFSA can become complicated very quickly.

In this video, I explain how the TFSA works for new Canadian residents, how contribution room is calculated, how withdrawals and growth are treated for Canadian tax purposes, and why the TFSA is often one of the best investment accounts for Canadian residents. Then I walk through what changes when you are a U.S. person, including U.S. tax reporting, potential foreign trust issues, Form 3520 and 3520-A considerations, U.S. taxation of TFSA income, and when a TFSA may still make sense even if the income is taxable in the United States.

We also discuss:
• When contribution room starts for new residents
• How TFSA investment growth is taxed in Canada
• Withholding tax on foreign. dividends inside a TFSA
• How the IRS does not recognize the TFSA as tax free
• The debate over whether TFSAs are foreign trusts
• How some Americans can still benefit from a TFSA
• Important U.S. reporting considerations including FBAR and Form 8938

If you are moving to Canada from the U.S., are a Canadian returning home, or are a U.S. citizen living in Canada, understanding how the TFSA fits into your cross border plan is essential before contributing.

If you want a comprehensive guide to navigating financial and tax planning when moving from the United States to Canada, you can get my book “Your Move to Canada” at:
yourmovetocanada.com

Subscribe to the channel for more cross border tax guidance, planning strategies, and real world explanations to help you avoid costly mistakes and make smart financial decisions when moving to Canada.

This video is for educational purposes only and does not constitute personalized tax or financial advice. Always speak to a qualified cross border tax professional before making decisions.