This may be construed as a personal question so feel free not to answer but did either if you fund RRSPs while in Canada and do you plan to take advantage of Govt benefits after retirement?
If you did fund RRSPs do you plan to take a hit and withdraw the money or let it stay and withdraw it at retirement?
Quote:
Originally posted by newton
This may be construed as a personal question so feel free not to answer but did either if you fund RRSPs while in Canada and do you plan to take advantage of Govt benefits after retirement?
If you did fund RRSPs do you plan to take a hit and withdraw the money or let it stay and withdraw it at retirement?
My CA has suggested to withdraw $5k every year (with 10% tax). I have not thought abt it or done anything. As I understand the Govt benefits would kick in at 60 or 65?
Location: God's own country
Posted on: 03-12-10 10:09:49
Quote:
Originally posted by KumarM
My CA has suggested to withdraw $5k every year (with 10% tax). I have not thought abt it or done anything. As I understand the Govt benefits would kick in at 60 or 65?
Kumar,
your CA is wrong or may be you understood him wrongly.
You are allowed one RRSP withdrawal per day. If you withdraw less than $ 5000 a day, the withholding tax is 10%.
If you withdraw more than $ 5000 in a single day, then the withholding tax is 20%.
It makes no sense for you to withdraw your RRSP in 2010 tax year, as it will only add to you income.
I would sugegst that you withdraw the RRSP After jan 1/2011 or after Mar 01/2011 (to hence put your withdrawal to teh 2011 year where you will not make as much money in Canada as you did in 2010).
Then in the 2011 tax year, your income would be less and hence you will get more refund back in 2012 (if you are allowed to file a 2011 tax return for teh RRSP-Check with your CA)
To the main OP's question -
I have no idea if you can keep RRSP in Canada and still maintain that you are a non - resident for income tax purposes. Your best bet would be to check with a tax expert or the CRA through its website or otherwise.
PEace
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I am a Gents and not a Ladies.
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Originally posted by KumarM
In the end will walk out with two suitcases and a backpack.
Sikander !
came to canada with two bags n a backpack ... going back with same
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Mumbai Maazi Ladki ...
I agree with TK. That is what I figured out.
T
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"The grass is not, in fact, always greener on the other side of the fence. Fences have nothing to do with it. The grass is greenest where it is watered. When crossing over fences, carry water with you and tend the grass wherever you may be"
Quote:
Originally posted by meghal
Quote:
Originally posted by ashedfc
Congratulations: A good long term decision !! Initially you might have some problems, but over the long term - this sacrifice will definately pay-off.
Just a note: From Robert Lloyd George: Chairman, Lloyd George Investment Management, Hong Kong
\"I expect that China will be 25 per cent of the world capital market within the near future. India follows close behind. Some 90 per cent of IPOs in the world are now taking place in emerging markets rather than in Europe or the US. Before 1800 China and India were the wealthiest nations in the world and by 2020 it will be true again.\"
How do you define wealthiest? Is it going to affect the quality of life for middle class family? How about the health care costs/inflation/social services/pollution/gridlock/infrastructure/government services/corruption? I believe your definition of wealthiest might just based on numbers and does not take into account the overall quality of life.
This is always an never-ending discussion about what is better? Living in India with lots of disposable income but with a compromise on quality of life or living in Canada with little or no disposable income but better quality of life. It is about finding your personal sweet spot.
CONGRATS KumarM for taking the brave decision! Making up ur mind is the hardest part. As for quality of life, people have different views. The fact that u will be surrounded by ur family and friends in a place where u were born and brought up will hugely compensate for the \"high\" quality of life in Canada. Also going back for ur ageing parents is a very noble thought! So keep up ur spirits and rock on.
[Congrats! All the best.
You can add me to the list too.
Just quit my job and I will be back in India permanently by the end of this month. I will have to search for work in India after I go there.
Like you, I have no good words for Canada
Peace
One can TK out of Canada, but no one can take Canada or Canadian Desi out of TK. All the best TK, Canada will miss you.
