I don't know what I was thinking when I took out $10k at once. Done is done. Now I will start the $5k withdrawals and empty it.
Location: Western Hemisphere
Posted on: 20-07-15 14:32:38
The % held at source (by your RSP institution) won't mean much, since what you owe or not-owe to CRA will depend on the non-resident tax bracket you fall under for the tax year.
What would make a difference is, when the withdrawal is made for a certain purpose and you need a certain amount of money (therefore, less deduction at source).
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Dimple2001
What if I start withdrawing $5k per week from my RSP, is it allowed? I need to wrap up things in Canada except for my monthly superannuation. Not sure how the income tax thing works, I need to figure it out. Need to find a way to file from India on line, I guess.
Location: God's own country
Posted on: 21-07-15 09:19:22
MKBLR,
It is allowed. You cn withdraw $ 5000 per day for 10% withholding tax. I have done it. In fact I withdrew $ 4990 a day just to be safe from my ING account. If you google also, you will find the same thing mentioned in Redflag deals and the line.
In my case, I got the Non resident status just to stop me from paying taxes. Initially I was supposed to work in Saudi and hence did not want to be taxed in Canada. I only had to file the taxes for the first year and for the time I stayed in Canada.
If you are going to file for taxes, then better have a resident status so that you can retain whatever you want to.
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by MKBLR
I have NR status, still hold bank a/c, have RSPs. Hopefully everything will be closed by next year. I have been NR for the last 4 yrs, filing taxes as an NR for the income from the govt. I did not know the procedure reg health card, DL, etc. May have expired by this time. Sold the house, agent and lawyer took care of the details when I moved back. Bank took care of the mortgage issues. I hope I have not broken any rules.
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Back in the old days, when they went to see an Opera, the show was too long in our current day terms. So, everyone waited to the end to see a fat lady appear, may be a soprano, come during the last scene and sang a finale. The normal saying at that time was "It ain't over till the fat lady sings."
Now to continue, Bob Morley, or is Murley ought to have provided you with all of the details and made it clear to you that you have to fill out a form issued by CRA , Form NR73 and submit it to them and wait till the fat lady sings. He has done it and he should have guided you properly too.
Still nothing is lost, since you are a Canadian Citizen, you can file a return and claim a refund. But if you worked there in India, then you will have to include your income in it. Since you have already paid taxes on it, there is NO Tax on it. There is a DTAA between Canada and India. You can reclaim the taxes with-held and you will get most of it back.
I do not know if you have heard of the term RNOR? If you have then, see if you do qualify for it and the first two years of your stay there in India are the years you can withdraw a few extra bucks and claim tax exemption on such withdrawals.
More on it if you want to pursue it further.
Hope this helps.
FH.
http://www.cra-arc.gc.ca/E/pbg/tf/nr73/nr73-12e.pdf
Now I am a bit confused. My CA in Canada is filing taxes for me based on the monthly income I get. It's not much, less than $13k which is the threshold level.
