Bank question

[kaibosh 3]

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?

[Bill and Vicky 25]

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

[nickbits 43]

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.

[kaibosh 3]

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.

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

[CanadaLove 16]

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 If you use an IRA account, then it will be taxed when withdrawn.