QUESTION:
Hallo
I am a new Canadian PR, and plan to open and contirbute to a RRSP account with a Canadian bank. However, I may eventually move back home (singapore). I would like to know what the tax repercussions are for this account and whether I will be taxed continually as a resident of Canada because of this account.
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david ingram replies:
Watch out for the bank RRSP accounts - only a couple of TD bank income fundsa and i think one CIBC fund have been worth buying in the last 5 years according to an analysis program being developed by Fred Snyder of Dundee Wealth Management, the Host of "Its Your Money" which can be found at 600AM in Vancouver every Sunday morning at 9:00 AM (also on the internet at www.600am.com).
You will get a tax deduction for any contributions while you live in Canada. After leaving, if you withdraw any money when back in Singapore, Canada will tax you 25% on any withdrawals.
Holding a Canadian RRSP does not make you taxable on your world income in Canada after returning to Singapore if you genuinely live in Singapore.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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