When can I contribute to TFSA?

[wyho007]

I landed last month, how soon can I contribute to TFSA? I'm settling here for good, no travelling plans abroad this year.

 

[foodie69]

I landed last month, how soon can I contribute to TFSA? I'm settling here for good, no travelling plans abroad this year.

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

 

[wyho007]

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

I already have the account opened, just don't know when can I put money in there. Someone told me I need to pass the "living here for more than 183 days" mark before I can contribute without penalty. That's why asking other fellows once new immigrants here.

 

[canuck_in_uk]

I already have the account opened, just don't know when can I put money in there. Someone told me I need to pass the "living here for more than 183 days" mark before I can contribute without penalty. That's why asking other fellows once new immigrants here.

It would probably be better to just call CRA.

 

[wyho007]

It would probably be better to just call CRA.

I wanted to, but...

http://www.theglobeandmail.com/report-on-business/small-business/sb-money/calling-the-cra-busy-signals-and-inaccurate-answers-are-all-too-common-says-report/article33766199/

I have a similar experience with asking different autoplan brokers regarding my auto insurance getting different answers for the same question.

 

[Investocrat]

Hello there. I believe you can start saving in your TFSA right away. As long as you are a resident of Canada and over 18. Unlike the RRSP which requires you to earn income in Canada before you get contribution room, the TFSA is after-tax dollars and does not have this restriction.

 

[MasterDen]

I landed last month, how soon can I contribute to TFSA? I'm settling here for good, no travelling plans abroad this year.

If you're American, you might wanna check with your accountant. I believe TFSAs create problems with the IRS.

 

[scylla]

Agreed with the above. You want to stay away from setting up a TFSA if you're an American citizen (also RESP). IRS doesn't recognize them as tax-preferred accounts and any income is taxed normally - thereby completely eliminating any benefit of having one. I have a number of financial advisors as friends. They all tell their American clients to stay away from these products.

 

[steaky]

Agreed with the above. You want to stay away from setting up a TFSA if you're an American citizen (also RESP). IRS doesn't recognize them as tax-preferred accounts and any income is taxed normally - thereby completely eliminating any benefit of having one. I have a number of financial advisors as friends. They all tell their American clients to stay away from these products.

Same thing for green card holders?

 

[scylla]

Same thing for green card holders?

I think as long as you hold a green card, you must file US taxes - so I think the answer is yes - the TFSA is a problem for green card holders as well. If you lose your green card status and no longer have to file US taxes, then I think you'd be fine getting a TFSA.