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lincoln81

RRSP's....another money question.

By lincoln81 in Canada

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wowswift Community Regular

wowswift   3

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ok I'm bumping this cuz i have a weirdo question. my husband has a leverage loan that pays into RRSP. due to the crappy market, stopping the leverage loan is not an option. I know he has to claim his RRSP in the US in the future, no biggie...but is he even allowed to keep paying into RRSPs as a non-resident? And does this mean he has to file Canadian taxes forever?

Edited by wowswift
  • 2 weeks later...
truckerbob Contributor

truckerbob   0

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Posted
ok I'm bumping this cuz i have a weirdo question. my husband has a leverage loan that pays into RRSP. due to the crappy market, stopping the leverage loan is not an option. I know he has to claim his RRSP in the US in the future, no biggie...but is he even allowed to keep paying into RRSPs as a non-resident? And does this mean he has to file Canadian taxes forever?

Did you ever get an answer to this question?

OBX Mentor

OBX   51

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Posted
ok I'm bumping this cuz i have a weirdo question. my husband has a leverage loan that pays into RRSP. due to the crappy market, stopping the leverage loan is not an option. I know he has to claim his RRSP in the US in the future, no biggie...but is he even allowed to keep paying into RRSPs as a non-resident? And does this mean he has to file Canadian taxes forever?

Did you ever get an answer to this question?

What I have been told by my financial advisor and accountant is this: You can continue to hold your RSP in Canada as a US resident BUT you cannot make any new purchases into it. I believe this would also include reinvesting dividends if you hold funds that routinely do so. They would just have to go into a cash account to hold. You are also very restricted with regards to switching funds within the same company. It becomes very important then to make sure your holdings are those you are comfortable keeping for the long haul because the option to sell and switch isn't avaiable after you leave. Of course if you want you can withdraw from the RSP and pay the resulting taxes.

Just another thing to make the immigration process so interesting :wacko:

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S & J Contributor

S & J   0

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Posted

Locked-in RRSPs that are federally funded can be unlocked upon showing you have been a non-resident for at least two cinsecutive calendar years. Alberta changed their regulations in 2006 and a locked-in RRSP from Provincial employment can be unlocked as soon as you show you are a non-resident. To unlock you need to show that the Canada Revenue Agency has recognized you as a non-resident. Not sure what form that is. As well, there are obvious tax implications and unlocking shouldn't be done lightly.

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wowswift Community Regular

wowswift   3

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Filed: Citizen (apr) Country: Canada
 Timeline
Posted (edited)
ok I'm bumping this cuz i have a weirdo question. my husband has a leverage loan that pays into RRSP. due to the crappy market, stopping the leverage loan is not an option. I know he has to claim his RRSP in the US in the future, no biggie...but is he even allowed to keep paying into RRSPs as a non-resident? And does this mean he has to file Canadian taxes forever?

Did you ever get an answer to this question?

What I have been told by my financial advisor and accountant is this: You can continue to hold your RSP in Canada as a US resident BUT you cannot make any new purchases into it. I believe this would also include reinvesting dividends if you hold funds that routinely do so. They would just have to go into a cash account to hold. You are also very restricted with regards to switching funds within the same company. It becomes very important then to make sure your holdings are those you are comfortable keeping for the long haul because the option to sell and switch isn't avaiable after you leave. Of course if you want you can withdraw from the RSP and pay the resulting taxes.

Just another thing to make the immigration process so interesting :wacko:

yeah, i figured that too. i guess the extra money that goes into RRSP's are gonna have to just go straight back to the leverage loan. kinda sucks though, was like free rrsp money lol. i want him to take it out cuz its not a lot but i don't think he knows what to do with it yet. i think its gonna end up sitting

Edited by wowswift
 
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