Hi all. Looking for some guidance.
2023 was my first year spent wholly in Japan, and now that it’s come time to file taxes I’ve realized this is all a lot more complicated than I realized.
I’ve been using Wealthsimple as an investment platform for years, and thought nothing of continuing to invest while abroad, both under managed investing, and my own stock picks through my TFSA account. I also bought and sold small amounts of crypto on the platform (not through a TFSA).
Of course, now I’ve learned you can’t contribute to your TFSA as a non-resident. And Wealthsimple isn’t licensed to serve a non-resident in any regard, so I’ll have to have a hold placed on my accounts.
So now I have some sorting out to do, and I’m in over my head. I typically file my own taxes, but I’ll definitely need some professional help this year. I don’t know where to look to find someone to help me with this, as they’ll need some knowledge of the Canadian tax system.
I can’t speak Japanese well enough to handle a financial conversation, though I can have my wife help me in that regard.
Do you folks have any tips on who to speak to? Whether that’s an individual or a company. Preferably Nagoya-based. Thank you so much in advance.
by LegendaryRaider69
3 comments
The guys in /r/japanfinance specialize in difficult tax problems. Its why we recommend them.
This seems like an issue for a Canadian fiscalist to help you with rather than anyone in Japan.
There’s a penalty if a non-resident adds to its TFSA, but it’s only from the date you’re deemed a non-resident, and you need to declare yourself as such to the Canada Revenue Agency. Depending on your old province of residence, you might have other procedures to do as well.
Would highly recommend seeking professional help to sort this out.
This company does it:
cfla-intl.com/en/Â
May I ask what complexities you’re just realizing now? I’m in a similar situation as you, but shifted by a whole year (this is my first year in Japan).
My impression of how things work is this:
* If I become a non-resident sometime this calendar year, I should still have TFSA contribution room for this year.
* Since TFSA is non-taxable, if I do not move money in or out of my TFSA account (beyond my contribution room at least), and if I also do not have any other source of income in Canada, it should keep things simple.
Am I correct in these assumptions? Thanks!