I have contributed to RRSP in teh past. I have a decent chunk of money sitting there. Since we have moved back to India (non-resident), do I need to withdraw everything? I will be taxed big time, i think. Or can I withdraw $5k every year?
KM
What about the tax impact in India?
This income will also get added and taxed by India, no?
Regarding Canadian taxes, one way to offset the RRSP withdrawal taxes is to take an investment loan where the interest is roughly equal to the amount of RRSP withdrawal.
This will create an offsetting tax deduction.
And if your RRSP is in stocks that you don't want to sell right now, keep in mind that it is the un-registering that is important.
You don't have to sell the stocks/bonds, just unregister them and move into a non registered account.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
That means I dont have to take it out now? I will be treated as a non-resident for tax purposes. I am a citizen though, not sure how it helps in this case. If I can keep it, I can take out some money whenever needed, with tax implications.
KM
Just take out $ 5000 out each year yarr!
With RRSP's interest at 3% or so In Canada, it makes no sense.
India is the way to go but then it will be your personal decision.
Peace
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I am a Gents and not a Ladies.
Quote:
Originally posted by tamilkuravan
With RRSP's interest at 3% or so In Canada, it makes no sense.
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Dimple2001
Quote:
Originally posted by ashedfc
Inside an RRSP all these are considered same
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Dimple2001
Quote:
Originally posted by KumarM
That means I dont have to take it out now? I will be treated as a non-resident for tax purposes. I am a citizen though, not sure how it helps in this case. If I can keep it, I can take out some money whenever needed, with tax implications.
KM
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Dimple2001
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