In the event you are no longer a resident of Canada, the following rules apply:
- The TFSA may remain open.
- If you make a contribution while you are a non-resident, you will be subject to a 1% per month penalty tax for each month until the contribution is withdrawn or you become a resident of Canada.
- No contributions may be made.
- Contribution room will not accumulate.
- Withdrawals will increase contribution room; however, you cannot take advantage of the increased contribution room until you become a resident of Canada.
If you subsequently become a resident of Canada, contribution room will commence accruing and you may make future contributions.