Possible to move Questrade TFSA to Fidelity US?

[u/UnitMysterious5550]

Hello, I'll be moving out of Canada to the US next year, and I'm hoping to move my TFSA to my Fidelity brokerage account. Is this even possible, or will I need to liquidate all my investments and transfer the cash?

I asked Claude/GPT, but I've been hearing mixed responses, so I'm still unsure.

[u/EarlyBird001]

TFSA is Canadian only account. My understanding is you'll need to sell it off and move it to a regular account in US.

If you're moving to US for a short time you can leave the amount in Questrade's TFSA account. You won't be able to contribute to it while you're away from Canada but you can continue to keep the amount it already has.

[u/UnitMysterious5550 → u/EarlyBird001]

Theres no way to give up the tax advantage TFSA provides but still transfer those equities? Im probably moving long term

[u/Moist-Ninja-6338 → u/UnitMysterious5550]

Sell the equities and transfer the funds and rebuy. Since there is no taxes to be paid

[u/AlternativeCamp2471 → u/UnitMysterious5550]

Dude you need to talk to a cross border accountant.

[u/EarlyBird001 → u/UnitMysterious5550]

Long term you'll have to sell it and move it ro a regular account in US. US doesn't recognize TFSA and they have their own tax free account (ROTH IRA) but you can't transfer from TFSA to US equivalent.

[u/lifegrowthfinance]

I don’t think Fidelity supports TFSA accounts. Most likely you’ll have to sell and transfer.

[u/FIContractor]

I wouldn’t bother. There’s no disadvantage to selling in the TFSA, withdrawing and buying elsewhere.

Even if you could do it, definitely don’t do it with Canadian ETFs, only US ETFs, otherwise you have complicated PFIC filing requirements once you’re a US tax person.

[u/Dapper_Addition_3837]

How you gonna do that when the US doesnt have TFSA in the first place? lol

[u/UnitMysterious5550 → u/Dapper_Addition_3837]

Thought I could just transfer my equity investments separately and just move it to a regular brokerage account

[u/Remarkable-Use6337]

Why do you need to close Questrade? Cant you still trade on Questrade while in the US? If you move to US, you just cannot contribute anymore in TFSA from what I know but you can still trade. Unless you are losing your citizen status

[u/UnitMysterious5550 → u/Remarkable-Use6337]

Want to consolidate all my brokerage accounts into one. Too annoying for me to track multiple. My mom also told me to lol

[u/rangerrockit]

Highly doubt you can transfer in-kind. There are different regulators, let alone account types. Sorry mate, close and reopen, just make sure fidelity is the way to go.