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Tax returns & RRSP after leaving

Tax returns & RRSP after leaving

Old Nov 30th 2016, 1:33 pm
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Default Tax returns & RRSP after leaving

Both my fiancee (Canadian Citizen) and myself (PR) left Canada this June and moved to the UK

Are there any separate forms we need to fill in, or do we just fill in the regular tax return and note our leaving dates?

Also, we both left a little money in our RSPs and also a bit of debt in our Line Of Credit...the RSPs would easily pay off the LOC - if we withdrew from them, we'd both still have paid enough tax in 2016 to cover what we would owe CRA.

SO my question is, would we need to pay a different rate of tax due to not being tax residents in Canada, even though the money would not come out of Canada as it would be used to pay off debt?

Thanks for any info
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Old Nov 30th 2016, 2:48 pm
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Default Re: Tax returns & RRSP after leaving

Originally Posted by haggis88
Both my fiancee (Canadian Citizen) and myself (PR) left Canada this June and moved to the UK

Are there any separate forms we need to fill in, or do we just fill in the regular tax return and note our leaving dates?
Yes, just the regular return to report your world-wide income up to the date you left.

Also, we both left a little money in our RSPs and also a bit of debt in our Line Of Credit...the RSPs would easily pay off the LOC - if we withdrew from them, we'd both still have paid enough tax in 2016 to cover what we would owe CRA.

SO my question is, would we need to pay a different rate of tax due to not being tax residents in Canada, even though the money would not come out of Canada as it would be used to pay off debt?

Thanks for any info
Tell the RRSP provider that you are now non-resident. You will pay a 25% withholding tax on the withdrawals for your RRSPs. You do not need to report this on a tax return in either Canada or the UK. The 75% left is your after-tax money and you can do what you like with it.
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Old Dec 30th 2016, 2:31 pm
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Default Re: Tax returns & RRSP after leaving

Next dumb question...

I can't seem to find any info about how to actually withdraw from the RRSP whilst a Non-resident, we have accounts with Scotia and BMO...anyone point me in the direction of where the info is?
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Old Jan 2nd 2017, 12:19 am
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Default Re: Tax returns & RRSP after leaving

Just put all the details in a letter to the branch where you have your RRSPs , stating the account name and number, state that you understand the withdrawal is subject to with holdingntax, sign it, and send it to them in the mail.
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Old Jan 3rd 2017, 7:38 pm
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Default Re: Tax returns & RRSP after leaving

Originally Posted by haggis88
Next dumb question...

I can't seem to find any info about how to actually withdraw from the RRSP whilst a Non-resident, we have accounts with Scotia and BMO...anyone point me in the direction of where the info is?
Pretty sure RRSP providers have a withdrawal form that you can use. If you cant find it then just give them a call and they will send it to you.
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Old Jan 3rd 2017, 11:24 pm
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Default Re: Tax returns & RRSP after leaving

Originally Posted by haggis88
Next dumb question...

I can't seem to find any info about how to actually withdraw from the RRSP whilst a Non-resident, we have accounts with Scotia and BMO...anyone point me in the direction of where the info is?
I actually work in the industry for BMO Nesbit,you have to send them a letter with an original signature stating details as above answered previously. Do a separate letter for each account involved.
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