I moved to the US and became a non-resident of Canada. What happens to my RRSP contributions?
Allan Madan, CA
There are a variety of factors you need to consider including your current year salary and your future plans in terms of returning to Canada. For example, if you had high income the year you left, you may still want to make an RRSP contribution in order to reduce your taxes owing.
Withdrawing your RRSP is not mandatory once you’ve become a resident but it is recommended if you do not plan on returning to Canada since special forms need to be filed every year in order to defer taxes owing on the RRSP in the US which may be a cumbersome process should you not have the appropriate accountant.
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
CA.CPA.CGA
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.
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