Quote:
Originally posted by adamthorat
Lol.. TK is NRC ..he he ..Indian then NRI now NRC ..he he
Canadian version of NRI .ha ha
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You can always take a Cowboy out of a Country.
But you can never take the country out of a cowboy.
FH.
Some times I wonder if he is some where here in Canada, because the language he uses says that he is here.
Location: God's own country
Posted on: 17-07-15 02:13:10
Lol guys !
I am still in Kerala. Will inform you for sure, if I visit Canada.
Back to the Question :
I severed all ties with Canada (Returned my DL, Health card, closed bank account, RRSP, sold my car, did not have a house, did not have a storage space etc..). All I had was a Canadian passport and a citizenship card.
I filled up the CRA form requesting for NR status. There was a column in it where you are free to air your views about why you are leaving Canada. I gave them a piece of my mind telling them that I was under employed in their highly industrial country. They gave me a NR status.
Check the terminology of "MAY" as per CRA. MAY actually refers to "MAY NOT".
As far as I know, you are not allowed to have bank accounts, interests etc.. RRSP is an indication of a tie to Canada. So not sure if it will qualify.
Murali
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I am a Gents and not a Ladies.
I have NR status, still hold bank a/c, have RSPs. Hopefully everything will be closed by next year. I have been NR for the last 4 yrs, filing taxes as an NR for the income from the govt. I did not know the procedure reg health card, DL, etc. May have expired by this time. Sold the house, agent and lawyer took care of the details when I moved back. Bank took care of the mortgage issues. I hope I have not broken any rules.
Location: Western Hemisphere
Posted on: 18-07-15 11:13:30
To the best of my understanding, registered investment accounts can be left behind, but cannot contribute/trade into those accounts. I believe if you leave non-registered and generic bank accounts active, you may still be considered a resident. If you hold primary residence, DL, health card and such, you will be considered a resident. Rental properties can be held as long as non-resident taxes are filed and dues paid.
If pulling out of RSP, your non-resident tax rate will depend on the tax treaty between your resident country and Canada.
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Dimple2001
I withdrew $10k from my RSP. The bank held 20% tax. They knew I was Non Resident. In fact I am thinking to withdraw everything from RSP, abt $13k in the next few months.
Location: God's own country
Posted on: 19-07-15 08:05:18
Quote:
Originally posted by MKBLR
I withdrew $10k from my RSP. The bank held 20% tax. They knew I was Non Resident. In fact I am thinking to withdraw everything from RSP, abt $13k in the next few months.
Wrong thing. If you had taen 5000 at one time, it is only 10% withholding tax.
Now next time, tae only $ 5000 per day. It will be 10% withholding tax
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by MKBLR
I withdrew $10k from my RSP. The bank held 20% tax. They knew I was Non Resident. In fact I am thinking to withdraw everything from RSP, abt $13k in the next few months.
Yup, as Murali said ..only takeout $ 5,000 at a time..so only 10 % with holding tax. Wait a few days between each withdrawal, so they don't get too suspicious.
Also you will get almost ALL of it back, when you file your taxes with CRA, depending on your income. Show your income as NIL as there is NO need to show them what you made outside as a NON resident, when you file taxes.
You will get a regular T4 RSP slip from your bank for the RSP withdrawal, its just similar to your salary T4 slip. Use that T4 RSP slip to file your taxes, it will show the withdrawal and the money held back aka withholding tax, you should get almost ALL of it back
Only problem is you have to wait till next year for the refund. By Februrary they start mailing out the slips, after which you will file your taxes and after which you will get your refund. So I am thinking more like March, 2016 when you will get this money back
