Tax returns & RRSP after leaving
#1
BE Forum Addict
Thread Starter
Joined: Dec 2011
Location: Back in Scotland after 4 years in Calgary
Posts: 1,403
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
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
#2
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Tax returns & RRSP after leaving
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
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
#3
BE Forum Addict
Thread Starter
Joined: Dec 2011
Location: Back in Scotland after 4 years in Calgary
Posts: 1,403
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?
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?
#4
BE Forum Addict
Joined: Jan 2008
Location: Near Kingston, Ontario
Posts: 1,316
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.
#5
Re: Tax returns & RRSP after leaving
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.
#6
BE Forum Addict
Joined: Jan 2008
Location: Near Kingston, Ontario
Posts: 1,316
Re: Tax returns & RRSP after leaving
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.