TFSA contribution
TFSA contribution
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?
Re: TFSA contribution
No. See http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... n-eng.html and in particular
You have to be resident in Canada for at least part of a calendar year to gain contribution room for that year.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.
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Re: TFSA contribution
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.
Re: TFSA contribution
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?
- GreatLaker
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Re: TFSA contribution
CRA has more info on how to determine residency status:
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... l-eng.html
http://www.cra-arc.gc.ca/tx/tchncl/ncmt ... 1-eng.html
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs ... l-eng.html
http://www.cra-arc.gc.ca/tx/tchncl/ncmt ... 1-eng.html
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