A number of visitors to Canadian Tax Resource write me with their questions. I haven’t published reader questions and answers in quite some time and over the Christmas break, I will post a number of recent questions posed by visitors.
If you have a question, please feel free to ask. While, I cannot provide official tax advice, I can certainly let you know my thoughts and hopefully point you in the right direction.
Reader Question – Leaving Canada And TFSA Contributions
If I contribute $5,000 to my TFSA in January 2010 and then leave the country in March 2010 to reside outside of Canada for the remainder to 2010, will I face any penalties? Is it ok for me to make a full contribution at the start of the year even if I will not be living in Canada for the entire year?
The only requirements are that you be 18 years old a resident of Canada at the time of the contribution. As long as you contribute before you become a non-resident, you can contribute the full $5,000.
Related Articles
- TFSA Over Contributions
- RRSP’s, Investments and Leaving Canada
- Understanding TFSA Contribution Room
- TFSA Questions And Answers
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