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CROSS-BORDER A Canadian Corporation With a U.S. Shareholder

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Cross-Border Tax (U.S.–Canada)

Is Your TFSA a Foreign Trust? Form 3520, Form 3520-A, and What 'Tax-Free' Costs in the U.S.

July 29, 2026

The IRS doesn't recognize the TFSA's tax-free status — and depending on how the account is structured, it may treat it as a foreign trust with two of the heaviest reporting forms in the system attached. What a TFSA actually costs a U.S. resident, the 3520/3520-A question, and the case for dealing with it before you move.

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