Canadian mutual funds in RRSP when returning to the US
Moderator: Mark T Serbinski CA CPA
Canadian mutual funds in RRSP when returning to the US
I'm a US Citizen/Canadian permanent resident. I'm unsure if I will be staying in Canada long-term or not, but I would like to organize my finances so that I don't have any problems if I choose to return. I have read (in this forum and elsewhere) that when one emigrates from Canada after being a resident, one needs to sell all Canadian mutual funds. Is this also true if the mutual funds are in an RRSP?
You should also be aware that some mutual funds will refuse to sell to you (even in an RRSP) if you are a non-resident. So you should buy whatever fund you want in your RRSP before you leave. Just understand that if you decide to sell and buy a different mutual fund, that might be a problem (call the mutual fund before making the change to make sure they will allow the purchase).