Empty TFSA account

[Nashvan 133]

For US taxes, are there any issues in keeping an empty TFSA in a Canadian bank account? Not for or against it, just wondering if there would be any US tax implications. I did not close mine before leaving and won't be able to unless I visit a branch in-person.

[Thrillhouse 193]

I doubt it. The problem with TFSAs is that the US doesn't recognize the interest earned as being tax-free (like we obviously do). If you're not earning any interest, and therefore not generating any "income" from it, there shouldn't be a problem.

[purem4g1c 113]

I moved all my money from TFSA to Savings account since savings gives a better interest rate. There is no reason to keep your money in a TFSA since IRS will tax you on the interest you've earned.

[Nashvan 133]

Thanks guys. I was afraid there would be extra paperwork from having an empty account exist although it seems rather silly if there's nothing to be gained from it.