RRSP CHALLENGE

[doacko]

I am hoping to transfer my RRSP from my vancouver bank to a bank in Thailand, enabling me to help meet the the  visa requirement of a $25K deposit of funds  in a Thai bank. Has anybody been able to do this maneuver?

[Oxx]

From Wikipedia:

 

Quote

"An account holder is able to withdraw dollars or assets from an RRSP at any age. Withholding tax is deducted by the institution managing the account. Amounts withdrawn must be included in the taxable income of that year. The tax withheld reduces the taxes owing at year end. There are two exceptions to this process - the Home Buyer's Plan and the Lifelong Learning Plan."

 

So, it looks like you simply withdraw from your RRSP to a Canadian bank account (less withholding tax) and wire the money to your bank account in Thailand.

[candoman89]

I just opened a very similar topic but asking a few more  details so keep your eyes posted on that one.  Us Canucks have to stick together.

 

[doacko]

14 hours ago, Oxx said:

From Wikipedia:

 

 

So, it looks like you simply withdraw from your RRSP to a Canadian bank account (less withholding tax) and wire the money to your bank account in Thailand.

 

Thanks OXX,

I am trying to avoid paying tax on a lump sum withdrawal. The only way i could see that happening is by transferring it between a Canadian bank  and  a branch of the same bank in Thailand. Then I could access funds a little at a time, the same way I would in Canada, thereby avoiding the lump sum tax penalty. I just haven't been able to find such a bank, with a Thai branch.

 

[kwonitoy]

If you're transfering RRSP funds out of Canada you'll be subject to 25% withholding tax if you are classed as a non-resident Canadian.

That's what I paid when doing this is 2002 after I got my non-residence letter.  I'm sure things have changed by now.

There is no way your going to do a "in kind" type of transfer as between a company plan to your own self administered plan in Canada.

The tax man always gets his cut. First.