Canadian RRSP's

[neilb767]

Just wondering if anyone who has left Canada lately have managed to get any of their RRSP's cashed, and transfered out ?

I have been working on this lately, and the best news i've got is that they will hold back 25%, of the value.

Furthermore, as one of my RRSP's are locked-in, I dont get squat back till im 70+ , what a deal eh !

Im registered as a NON-Resident, but this does not seem to make much differance.

Well, i got a fire sale going on now, ill take 20cents to the dollar, any takers ?
:eek:

[sec 3]

There's a new legislation that lets you withdraw locked in RSP's if you've been out of the country for more than 2 years, but getting the banks to cooperate is not easy, I've been working on it for 6 months without success:ugh:

[BusTie]

Canadian been non-resident and went through the same two years ago. One can cash 100% RRSP for:

1. if onc going to use that money for own medical expenses.
2. if one going to use that money for own child (disabled)
3. if one going to use that money for own child education.
4. if one going to use that money for first time home purchase.
5. 100% of RRSP will be used to clear any outstanding bills after owner's death.
6. Statistics canada will be able to use any amonth of that money after owner's death.

Sorry that the above will not help you but at least you can make an informed decision. Any other case you have to pay the Capital Gain of 25%.

I will add more if I remember anyother one.

Bustie

[bus canuck]

Im registered as a NON-Resident, but this does not seem to make much differance.
Yes, but you were a resident when you contributed to this TAX DEFERRAL program. In other words, you didn't pay tax you would otherwise have had to pay when you contributed. If you're so upset about the 25%, why not go back and pay at the rate you were at when you used the deferral program? (It was at 59.9% for me, so 25% is a bar-goon.)

Sorry to non-Canucks reading this, but it's typical of Canadians to brag about the great social safety net, national medical care etc, but then whine about paying any tax. I'm afraid I'm guilty of this too...:O

[neilb767]

Bus,

Ya you make a good point, but the fact is that , that "Great social safety net" that you and I , and all the other X-Canadian pilots in the middle east contributed to, was obviously not there when we needed it , otherwise most of us would have stayed or gone back ages ago.

Personally TAXES are the main reason I dont wish to return.

Check this out, you can see how many more ha ha ha's your getting every month.

http://www.ey.com/GLOBAL/content.nsf/Canada/Tax_-_Calculators_-_2005_Personal_Tax

Accourding to this Ernst & Young calculator one could be paying C$ 37,000 in taxes ( 120,000 AED). For this ill just get ski dubai to dump a load of snow in my back yard in DEC and im right at home. :ok:

Thaks for the input guys.

Disclaimer, Figures represent a Fictional pilot at a Fictional airline.
(for those of you embattled in tax or payment disputes ;), Big brother , or divorce lawyer may be watching )

[JoeCo]

What great social safety net!???! What Medical coverage!??! Just because we were issued a fancy litte medical card doesnt mean the service was there. How many times did I read that those in need to medical attention did not have a room to stay in or a bed to sleep in?!?!?

As for the RRSP's my understanding is that you can change the fund(s) in which they are invested in but you cannot contibute additional money to the RRSP. As for taking them out, the best you can do is 25%. However my RRSP hapens to be earning a few bucks everytime I look at them so I leave them until I REALLY need them.