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RRSPs

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Filed: Timeline

Can we withdraw our RRSPs or switch it over to Chequing/Savings Accounts without having to pay penalty fees/taxes since I'm a non-resident in Canada, now living/working in the U.S.? Thank you!

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Filed: IR-1/CR-1 Visa Country: Canada
Timeline

The actual tax implications of that will vary depending on your situation. But basically they will deduct witholding (the bank) right off the top.

Depending on your personal situation, the result - ie: what you will really pay, will differ.

A couple of things to consider. If you do withdraw your RRSPs now, you may be eligible for a reduction in tax by electing under section 217

http://www.cra-arc.gc.ca/E/pub/tg/t4145/t4145-e.html

If you want to withdraw them but would prefer that the witholding amount be reduced - you can fill out a Form NR5, Application by a Non-Resident of Canada for a Reduction in the Amount of Non-Resident Tax Required to be Withheld.

Certainly worth looking in to.

Edited by trailmix

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Filed: IR-1/CR-1 Visa Country: Canada
Timeline

Can we withdraw our RRSPs or switch it over to Chequing/Savings Accounts without having to pay penalty fees/taxes since I'm a non-resident in Canada, now living/working in the U.S.? Thank you!

I've withdrawn money from my RRSP several times.Each time ,my bank did hold tax on it as per the CRA.


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Filed: IR-1/CR-1 Visa Country: Canada
Timeline

If u leave ur RRSP's in canada--u have to notify IRS by filling out form 8891 at tax time!

If you decide to withdraw them, you most likely will be taxed on them, the amount not exactly sure, Took mine out in 2005, and can't recall what exactly happened!


Canadians Visiting the USA while undergoing the visa process, my free advice:

1) Always tell the TRUTH. never lie to the POE officer

2) Be confident in ur replies

3) keep ur response short and to the point, don't tell ur life story!!

4) look the POE officer in the eye when speaking to them. They are looking for people lieing and have been trained to find them!

5) Pack light! No job resumes with you

6) Bring ties to Canada (letter from employer when ur expected back at work, lease, etc etc)

7) Always be polite, being rude isn't going to get ya anywhere, and could make things worse!!

8) Have a plan in case u do get denied (be polite) It wont harm ur visa application if ur denied,that is if ur polite and didn't lie! Refer to #1

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