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NinoniAndBoosBoos

RECENT RRSP's discussions? Any Tax Specialists on VJ?

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Filed: K-1 Visa Country: Canada
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Hello my Valued VJ's:

I apologize for posting this where I did, but I am not sure where I should. I don't see any current forums i.e. post 2008, about RRSP's and how they should be handled once the K1 Visa is approved.

My biggest concern is trying to obtain some professional advice on the topic, can't really seem to find a professional, knowledgable person about this topic, without being charged $ 350.00 an hour. The one book I am reading "The Border Guide" by Robert Keats, strongly advises about taking out the lump sum all at once, my local branch manager says take out smaller denominations, over time.

Either way there is no way of avoiding the withholding tax of 25% YIKES!!!!!!!!!!!!

If anyone can offer any advice or referrals to a Cross border tax specialist or someone who can assist me with this I would be so appreciative...(F)


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funny how when you move here almost everyone, including the banks (of course), tell you withdraw your RRSPs. Our accountant is Canadian himself and specializes in expat taxes, and his advice was the exact opposite. My Dad heard the exact same thing when he and my Mom moved here over 3 years ago, but he hasn't touched them since and hasn't been taxed on them. As far as the IRS is concerned, they just want to know where your foreign investments are held and how much is there. On the Canadian side, I did hear that they can view you as having disposed of your assets when you leave (often referred to as a departure tax) in some instances, but I spoke to several accountants who specialize in cross-border stuff and both said this is NOT SO. I recommend paying a phone call to Roy Ohm (find him at his company's website, mgca.com). They're based in Toronto, and he's quite savvy in terms of this stuff. He was the first accountant we spoke to - we ended up working with someone local, but Roy is very helpful and won't charge you anything for asking a quick question or two over the phone.

Hope that helps! I'm no expert, but I don't think you'll be forced to withdraw them, and hopefully there won't be tax either.

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Filed: K-1 Visa Country: Canada
Timeline

funny how when you move here almost everyone, including the banks (of course), tell you withdraw your RRSPs. Our accountant is Canadian himself and specializes in expat taxes, and his advice was the exact opposite. My Dad heard the exact same thing when he and my Mom moved here over 3 years ago, but he hasn't touched them since and hasn't been taxed on them. As far as the IRS is concerned, they just want to know where your foreign investments are held and how much is there. On the Canadian side, I did hear that they can view you as having disposed of your assets when you leave (often referred to as a departure tax) in some instances, but I spoke to several accountants who specialize in cross-border stuff and both said this is NOT SO. I recommend paying a phone call to Roy Ohm (find him at his company's website, mgca.com). They're based in Toronto, and he's quite savvy in terms of this stuff. He was the first accountant we spoke to - we ended up working with someone local, but Roy is very helpful and won't charge you anything for asking a quick question or two over the phone.

Hope that helps! I'm no expert, but I don't think you'll be forced to withdraw them, and hopefully there won't be tax either.

thank you so much soon2betexan..cute name!!!! this really helps Thank you again. I will certainly be calling Mr. Roy Ohm, also great name, could use some OM just about now. Cheers and thank you!!!!


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Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish

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Filed: K-1 Visa Country: Canada
Timeline

funny how when you move here almost everyone, including the banks (of course), tell you withdraw your RRSPs. Our accountant is Canadian himself and specializes in expat taxes, and his advice was the exact opposite. My Dad heard the exact same thing when he and my Mom moved here over 3 years ago, but he hasn't touched them since and hasn't been taxed on them. As far as the IRS is concerned, they just want to know where your foreign investments are held and how much is there. On the Canadian side, I did hear that they can view you as having disposed of your assets when you leave (often referred to as a departure tax) in some instances, but I spoke to several accountants who specialize in cross-border stuff and both said this is NOT SO. I recommend paying a phone call to Roy Ohm (find him at his company's website, mgca.com). They're based in Toronto, and he's quite savvy in terms of this stuff. He was the first accountant we spoke to - we ended up working with someone local, but Roy is very helpful and won't charge you anything for asking a quick question or two over the phone.

Hope that helps! I'm no expert, but I don't think you'll be forced to withdraw them, and hopefully there won't be tax either.

hmm, emailed info@mgca.com twice and have had no reply...makes me wonder how they do business if they don't respond to their info email?????:angry:

Edited by NinoniAndBoosBoos

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Patience and perseverance have a magical effect before which difficulties disappear and obstacles vanish

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Filed: K-1 Visa Country: Canada
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Getting such mixed advice re: keeping my RRSP here or taking it over, and to bootCalifornia residents must include their RRSP earnings in their taxable income in the year earned, California state law...boo hoo....:hehe:


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