canadian passport, RRSPS etc?
Jun 22nd 2019, 11:48 am
#1
Forum Regular
Thread Starter
Joined: Apr 2010
Posts: 34
canadian passport, RRSPS etc?
Hi there, do we have to renounce the Canadian passport when we move back, in terms of splitting ties with Canada for tax purposes?
Also, can RRSPS still be contributed to if we want to pay tax only on the income earned in Britain, and use the RRSP as a savings?
Thanks
P
Also, can RRSPS still be contributed to if we want to pay tax only on the income earned in Britain, and use the RRSP as a savings?
Thanks
P
Jun 22nd 2019, 2:54 pm
#2
BE Enthusiast
Joined: Dec 2010
Location: Whitby, Ontario
Posts: 730
Re: canadian passport, RRSPS etc?
Citizenship is different to tax residency, which is largely based on where you spend your time and where your assets are. I don’t think there’s a downside to maintaining your Canadian Citizenship, apart from the fact that you’ll need to have a Canadian passport if you ever want to return to Canada for a holiday or to live.
Dont know about RRSPs.
Dont know about RRSPs.
Jun 23rd 2019, 12:26 am
#3
Forum Regular
Joined: Nov 2016
Location: Rural BC
Posts: 256
Re: canadian passport, RRSPS etc?
Hi there, do we have to renounce the Canadian passport when we move back, in terms of splitting ties with Canada for tax purposes?
Also, can RRSPS still be contributed to if we want to pay tax only on the income earned in Britain, and use the RRSP as a savings?
Thanks
P
Also, can RRSPS still be contributed to if we want to pay tax only on the income earned in Britain, and use the RRSP as a savings?
Thanks
P
You cannot contribute to RRSP's while non resident in Canada nor TFSA's but they can sit there until you redeem them.
Jun 26th 2019, 10:14 am
#4
Forum Regular
Thread Starter
Joined: Apr 2010
Posts: 34
Re: canadian passport, RRSPS etc?
Thank you very much
