[quote=“Mucha Man”]Anyway, I found the answer:
[quote]Non-residents of Canada
If you become a non-resident of Canada, or are considered to be a non-resident for income tax purposes, you will be allowed to keep your TFSA and you will not be taxed on any earnings in the account or on the withdrawals.
No TFSA contribution room will accrue for any year throughout which you are a non-resident. Any withdrawals made during the period that you were a non-resident will be added back to your unused TFSA contribution room in the following year, but will only be available if you resume your residency status in Canada.
You can contribute to a TFSA up to the date that you become a non-resident of Canada.[/quote][/quote]
In other words, those overseas visiting home should not start one. Given the lower tax rates here and tax agreements with Canada, it makes more sense to keep the money here.
Term deposits at Taiwan’s banks are a good idea for those who don’t know anything about stocks. A three month Term Deposit will pay more than a standard bank account’s interest, and TDs of at least a year can pay interest rates competitive with some stocks, plus there are no brokerage fees involved. It will probably be considered taxable income as it is in most countries (interest over $50/year in Canada), so be sure to get receipts.
Unless the bank is at risk of going belly up (e.g. Citi), it’s a low risk with a decent return and the length of deposit can match your ARC end-date. However, Chunghwa Post Office is refusing TDs from businesses because it’s costing them money, so if you want to do it, start now.
etaiwannews.com/etn/news_con … _news&pg=4
[quote]Taiwan post to refuse fixed deposits from business
TAIPEI (Taiwan News) – Starting Monday, post offices will no longer accept fixed deposits from businesses, Chunghwa Post announced on its Web site.
The interest rate on fixed one-month deposits offered by Chunghwa Post stands at 0.29 percent, or 2.9 times higher than the 0.1 percent available at regular banks, attracting more investors but costing the post office, reports said Sunday.[/quote]
0.29 x 12 = 3.88% annually