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-   -   Emigrating and RRSP (https://britishexpats.com/forum/canada-56/emigrating-rrsp-871924/)

selhurstpark Feb 5th 2016 5:02 am
Emigrating and RRSP
 
Thinking about returning permanently to the UK. I have around $30,000 in RRSPs. Ideally I would like to take the cash with me (or electronically sent, etc.) Is anyone familiar with the process? Can I avoid getting royally shafted for 25% by CRA? Much appreciated. SP

Aviator Feb 5th 2016 5:35 am
Re: Emigrating and RRSP
 
Originally Posted by selhurstpark (Post 11858903)
Thinking about returning permanently to the UK. I have around $30,000 in RRSPs. Ideally I would like to take the cash with me (or electronically sent, etc.) Is anyone familiar with the process? Can I avoid getting royally shafted for 25% by CRA? Much appreciated. SP
What you take out is income for that tax year. The institution will withhold 30% on $30k. When you file your tax return you report this withdrawal. Depending on the tax bracket this puts you in, you may owe more or get some back.

Not sure why you think you are being shafted? The money in there has been invested tax free, had you not put it into an RRSP you would have paid tax on it whatever.

http://www.getsmarteraboutmoney.ca/e...x#.VrTqxfRvB5Y


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