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TFSA for non resident
May 25, 2017
12:03 pm
aneblanc
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My wife and I hold TFSAs at Peoples Trust. I have to close them when we become non residents. Which institution would accept our TFSAs (both full) when turning non residents? I am looking for the best possible interest rate. HSBC would keep them open but pays .8% vs. 1.75% for Peoples Trust.
Thanks

May 25, 2017
1:11 pm
Bill
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aneblanc, fyi you do not have to close your TFSA when you become a non-resident. You can't contribute in the year(s) you are not a resident of Canada, and you don't earn contribution room either, but no requirement to close or empty your TFSA accounts.

May 25, 2017
2:47 pm
aneblanc
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Thank you, but maybe you did not understand my question. Peoples Trust does not allow non residents to keep their accounts. I have to move them to another FI that would accept non residents.

May 25, 2017
3:48 pm
AltaRed
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There are many Canadian institutions that will not deal with non-residents. Best you can do is to pick a choice off the Comparison Chart and ask who will hold a TFSA for a non-resident. Keep phoning until someone says that they will do so. I suspect most (all) members of this forum are resident in Canada and thus would not know anyway.

May 25, 2017
5:17 pm
aneblanc
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This is just my point. I was counting on the pooled knowledge of the forum members to avoid spending hours on the phone...

May 25, 2017
7:20 pm
Loonie
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Virtually everyone on this site is a Canadian resident, so perhaps you need a site for ex-pats.
These are complicated issues involving CRA and so on. There is a lot you have not told us here and in your previous question. If you wanted a good answer, you would need to provide all the details. However, it's unlikely that you would get a definitive answer even if you did because this is not a question we have had to deal with in most cases.

You should probably talk to CRA to get the rules that apply to your situation. Maybe you need a lawyer. The rate you get may be secondary. Any FI can refuse your business if they choose to do so for whatever reason.

Please write your comments in the forum.