doacko Posted September 11, 2017 Share Posted September 11, 2017 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? Link to comment Share on other sites More sharing options...
Oxx Posted September 12, 2017 Share Posted September 12, 2017 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 Amounts withdrawn must be included in the taxable income of that year.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. Link to comment Share on other sites More sharing options...
candoman89 Posted September 12, 2017 Share Posted September 12, 2017 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. Link to comment Share on other sites More sharing options...
doacko Posted September 12, 2017 Author Share Posted September 12, 2017 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. Link to comment Share on other sites More sharing options...
kwonitoy Posted September 13, 2017 Share Posted September 13, 2017 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. Link to comment Share on other sites More sharing options...
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