TFSA contribution

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
Post Reply
meggie123
Newcomer
Newcomer
Posts: 2
Joined: 19 Mar 2017 23:29

TFSA contribution

Post by meggie123 » 19 Mar 2017 23:36

I have been living out of the country since I was about 20 and will be moving back to Canada in a few years with my family. Since I have been living abroad I haven't been contributing to my TFSA and was wondering if I am allowed to back contribute for all the years I didn't deposit any money?

User avatar
AltaRed
Diamond Ring
Diamond Ring
Posts: 17684
Joined: 05 Mar 2005 20:04
Location: Ogopogo Land

Re: TFSA contribution

Post by AltaRed » 20 Mar 2017 00:13

No. See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... n-eng.html and in particular
Starting in 2009, TFSA contribution room accumulates every year, if at any time in the calendar year you are 18 years of age or older and a resident of Canada.
You have to be resident in Canada for at least part of a calendar year to gain contribution room for that year.
Imagefiniki, the Canadian financial wiki The go-to place to bolster your financial freedom

meggie123
Newcomer
Newcomer
Posts: 2
Joined: 19 Mar 2017 23:29

Re: TFSA contribution

Post by meggie123 » 21 Mar 2017 00:19

But I am still techincally a resident of Canada as I pay taxes to the Canadian government. So even though I am paying taxes in Canada, I lose all that free space.

User avatar
DavidR
Gold Ring
Gold Ring
Posts: 1571
Joined: 30 Oct 2005 08:33
Location: Toronto

Re: TFSA contribution

Post by DavidR » 21 Mar 2017 10:36

meggie123 wrote:
21 Mar 2017 00:19
But I am still techincally a resident of Canada as I pay taxes to the Canadian government. So even though I am paying taxes in Canada, I lose all that free space.
Are you 25 years old, or 35? Ie. How long have you been out of the country? And you've been filing Canadian tax returns every year - why?

User avatar
GreatLaker
Silver Ring
Silver Ring
Posts: 123
Joined: 16 Dec 2014 13:02
Location: Toronto

Re: TFSA contribution

Post by GreatLaker » 21 Mar 2017 11:23

The first principle in speculating is never give anyone advice to buy or sell shares,
because, where perspicacity is weakened, the most benevolent advice can turn out badly.
Joseph de la Vega

Post Reply

Who is online

Users browsing this forum: No registered users and 1 guest