RSPP withdrawals
 

Hey folks,

question re tax. I have ~$180k in RRSP and DSPP funds in Canada I want to take out to buy a new house now back in the UK.

for the last 12 months I’ve been paid by Canada through SunLife on disability, this. Will be up for review end of fiscal and I will be transferring to the uk firm and start there.

given this year I have been on 50% salary ~$125k it will be lowest earning year until retirement (I work in consultancy).

what are the impacts and cost to me of withdrawing this fiscal year? Having already earned 125k by year end.

other question is could I withdraw next year in Canada, and earn nothing in Canadian and not declare uk salary (as may be equity partner then and could ask for a salary deferral)

thanks community

S

Re: RSPP withdrawals
 

If $125,000 will be your lowest earning year up to retirement, I guess you can afford to pay for some proper professional advice.

Re: RSPP withdrawals
 

Thanks for your constructive advice Karen. Meanwhile I’ll continue to provide pro bono advice to people on topics I understand and specialise in.

Re: RSPP withdrawals
 

LOL, you might want to check out what a "Karen" is.

Sure.

Serious advice? There is quite a lot of tax at stake, and getting it wrong could be expensive, so you need professional advice that takes all of your circumstances into account. You shouldn't expect to get that for free on the internet. Especially as you boast about being so well off.

You know what they say about free advice?

Re: RSPP withdrawals
 

you are right, I take back my frustration. Prob is the people I’ve paid to do it don’t give me a straight answer!!