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Posted

My fiancee banks with Bank of the West, I will be taking out what I have in my tax free savings account from CIBC and looking to set something up similar in the states, do any banks offer a TFSA in the states? Sure seems like bank of the west doesnt.

Any options or opinions?

Do some Internet research on Individual Retirement Accounts, especially the Roth variety since they are built using after-tax income. IRAs are usually based on earned income, so you and/or your fiancee have to work in order to use them. You can also check with your new employer about retirement plans...generally a 401(k) or a 403(b). (The names are references to the IRS Tax Code that created them.)

Care,

Bill

Posted

My fiancee banks with Bank of the West, I will be taking out what I have in my tax free savings account from CIBC and looking to set something up similar in the states, do any banks offer a TFSA in the states? Sure seems like bank of the west doesnt.

Any options or opinions?

That concept does not exist in the US. No banks will have it.

The only way to get tax free interest is to earn it in a retirement account.

Filed: IR-1/CR-1 Visa Country: Canada
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Posted

:(

which will be taxed like crazy when taken out....

Not necessarily, it depends on what kind of retirement account. If you use a ROTH account, it's built with after-tax dollars, which means when you withdraw money from it, it's not then taxed again. If you use an IRA account, then it will be taxed when withdrawn.

Holding my nose and jumping off the cliff.. hope I don't hit any rocks in the water.

"All I want out of life is ice cream and cuddles. Is it too much to ask? Is it?" - Sleep Talkin' Man

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