New grad Canadian on TN visa, have a 50k Chase CD 3% APY, 20k (USD) in TFSA / Canadian RRSP (lost a lot in 2022 meltdown, haven't sold), rest in cash. Options I am considering: 1. Down payment on new house (rent out? I am paying 1k in rent a month) 2. Withdraw entire TFSA / RRSP, Chase CD, some cash, take the L with the losers and put it all into a Marcus CD (5% APY) 3. Keep TFSA / RRSP in Canada, (hope market recover) put Chase CD money in a Fidelity brokerage account, put portion of remaining cash in Marcus CD. TC - 200k FY, 180k recurring #personalfinance #investments
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Just know that if you are living in the US on TN and you are a US resident for tax purposes, your Canadian TFSA will be considered a foreign asset in the US, and any profit you make in it is not considered tax-free in the US, and so, taxable.
Are unrealized gains taxable in the TFSA by the IRS?
Oooooooh I didn't know that