If I am currently living outside of Canada and have a RRSP, can I withdraw my funds from the RRSP tax free?
Allan Madan, CA
Unfortunately, if you are a non-resident of Canada and have an RRSP, any withdrawal from the RRSP while you a non-resident will be subject to a withholding tax of 25% on the withdrawal. You can receive a refund for all or a portion of the withholding tax paid, by filing a Section 217 tax return in Canada.
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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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