I am a non-resident of Canada for tax purposes, what are my options and consequences in regards to RRSP Withdrawal?
Allan Madan, CA
Question
I am a Non-resident of Canada for tax purposes, what are my options and consequences in regards to RRSP withdrawal?
Answer:
You have the following options:
- You can withdraw amount from time to time (this is subject to part 13 withholding tax of 25%).
- You can withdraw a lump sum amount (you will be taxed at the highest rate, but you can later file an election later to have a portion of tax paid refunded).
OR
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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