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Can I contribute to RRSP if I live outside Canada?
Expert Answer: Unless you have unused RRSP contribution room from the period prior to becoming non-resident, you wont be able to make an RRSP contribution until the year after you have some earned income.
What is tax form T3012A?
If you meet all of the previous conditions and have not already withdrawn the unused RRSP contributions, you can withdraw them without having tax withheld. To do this, fill out Form T3012A, Tax Deduction Waiver on the Refund of Your Unused RRSP, PRPP, or SPP Contributions from your RRSP, PRPP or SPP.
Can a US citizen living in Canada have an RRSP?
Yes, US citizens can maintain or open new RRSP accounts while living abroad, provided they have earned income that is subject to Canadian tax. Its essential, however, to consider the tax implications in both Canada and the US.
How do I withdraw unused RRSP contributions?
If you withdraw the unused contributions, you have to include them as income on your income tax and benefit return. However, you may be able to deduct an amount equal to the withdrawn contributions. For more information, go to withdrawing the unused contributions.
How do I get rid of excess RRSP contributions?
File a T3012A Form for Withdrawal: You can apply to withdraw the excess contributions by filing a T3012A form. This allows you to remove the excess amount without facing additional tax penalties on the withdrawal. Once CRA approves, you can arrange the withdrawal with your financial institution.
First up, lets talk about contributions and withdrawals. As a non-resident, you can still contribute to your RRSP if you have available contribution room from Canadian-earned income. But, without Canadian income as a non-resident, you wont generate new contribution room.
What happens to RRSP if you move to the USA?
Contrary to popular belief, you are not required to deregister your RRSP/RRIF upon ceasing Canadian residency. You have the option to keep your RRSP/RRIF intact and have the income continue to grow tax-deferred for Canadian tax purposes.
Do you need to be a Canadian citizen to contribute to RRSP?
If youre unsure of your tax filing obligation or resident status, visit Working in Canada Temporarily and/or Newcomers to Canada. With all this said, if you are clear about your residential status in Canada, you are eligible to contribute to an RRSP.
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