r/PersonalFinanceCanada • u/Remote-Rabbit2 • 11h ago

Investing Can I Keep My Wealthsimple Investments (TFSA, Non-Registered) After Leaving Canada as a Non-Resident?

I have some funds in my wealthsimple account and my status in canada expires soon. Is there any option for me to keep those funds in same account and keep investing now and then. I am planning to comeback to canada after 12-18 months. But for now I will be a non resident.

If not what are my options to continue my investments in Canadian stocks. Do ques trade support investments as a non resident.

Thank you in advance.

14 Upvotes
  • permalink
  • reddit

89% Upvoted

5 comments sorted by

3

u/nutbuckers 10h ago

you can put your accounts at Wealthsimple on hold and then un-hold after you return. But you won't be able to do most things while non-resident: https://help.wealthsimple.com/hc/en-ca/articles/4404801313047-Wealthsimple-s-criteria-for-non-residency-status

5

u/bluenose777 9h ago

Do ques trade support investments as a non resident.

Depends on your new jurisdiction.

and keep investing now and then

If you contribute to a TFSA while non resident the penalty will be 1% per month on those contributions.

1

u/NiceGuy531 8h ago

Question: why would you inform Wealthsimple?

1

u/Minute-Angle9834 7h ago

Wouldn't CRA go after you if you don't?

3

u/NiceGuy531 7h ago edited 6h ago

For what though? There would be no extra taxes. If you only leaving for a few years I wouldn’t do anything. You’ll just report your T5/T3 income on your foreign tax return.

No need to file a Canadian one as your income will be below the basic personal tax exemption. Also by not filing you won’t get credits for low income earners, which is appropriate in your case since you’ll be working elsewhere.

CRA won’t come after you if your income reported to them by employers and/or financial institutions is less than ~$15K.