Non-Resident Taxation on RRSP and RIF Withdrawals Watch Video
Allan Madan, CPA, CA
Today’s blog will focus on non-resident taxation on RRSP and RIF withdrawals, Read More…
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CPA, CA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
Hello, I’m a bit confused. I have a couple small RRSP’s (less than 100,000.) which are coming due.
We are permanent alien residents of the USA for 27 years. Would like to draw some out but not sure what I am going to get into as far as taxes since we have not had to complete a return for this many years. any advice would be appericated.
Hi Kevin,
A withholding tax of 25% will be deducted from the withdrawals you make by your financial institution/brokerage. You can claim a foreign tax credit on your US return for the withholding tax deducted. You do not have to file a Canadian tax return to report the withdrawal.
Hello
I have moved back to Ireland, sold my house in Canada, and have no connection to Canada other than a bank account and RRSP’s. Can you please tell me what the tax implications of cashing in my RRSP’s as I thought the withholding tax was 15%.
Regards
Mary
Hi Mary,
The non-resident withholding tax rate on RRSP withdrawals is 25% unless reduced by a tax treaty with Canada.