Serbinski Accounting Firms

Nelsona, How did you open your RSP account w/ TD? I went to TDWaterhouse.ca to apply. It says non-resident is not allowed to open RSP. I went with it anyways. When I filled in an US address, I got the error message Bold in Red saying that “Application cannot proceed as you are a US resident. Please go to the TD Waterhouse, US site.â€￾ which obviously does not have any RSP application.

I called Waterhouse to get help and that's when I was told I need to do this in person. This is very frustrating. It's like 1 step fwd and 3 steps backward. I feel like I'm not going thru the right channels. Nelsona, you mention the Waterhouse in Toronto? Do you ask for a specific department or even person? I just called Waterhouse’s general 1800 Toronto #, and no one seems to know these things...

-many, many thx and greatly appreciated

Nelsona, Did you manage to convert your RSP to RRIF without being in person? I just got off the phone with TD/Waterhouse. They also said that you have to be in person to sign a bunch of papers to convert a RSP to a RRIF. I'm not sure if the agent is just go along with me... Would TD Waterhouse allow...

Nelsona,

Thx for the prompt reply. That’s a real bumper! I closed all my accounts with TD Waterhouse just a few months ago. At the time, I didn't know about RRIF and the lower withholding tax. :(

I currently have one RSP account left with TD CanadaTrust. It's extremely frustrating. They're completely clueless. I spent two hours on the phone with an agent today. She insisted that I cannot do that. I’m actually shocked that she made up all those bogus reasons about the need to be physically in Canada to convert RSP to RRIF and mutual fund RSP is stricter than regular RSP!

I don’t have any stocks in my RSP with TD CanadaTrust, they’re all TD branded mutual funds. So, I’m not sure if I can transfer those in-house mutual funds to TD Waterhouse? Hm… Afterall, the agent might be right about mutual funds being stricter than “regularâ€￾ RSP. (When she said regular RSP, I assume common stocks and 3rd party mutual funds.)

-LiveInUS

@erotland, Yes you can convert RSP to RRIF at any age. Your age would affect the payment schedule. Here is the link to calculate the annual minimum payment schedule based on your age. http://www.tdcanadatrust.com/products-services/investing/retirement-income-options/withdrawal-cht.jsp Or, like Nelso...

Basically, as a US resident, my RRSP is locked up. I cannot even sell a holding and keep the cash within the RRSP. That is considered "Switching Funds" which is non allowed for non-Canadian resident. Is that true? It appears that the only access I have is to redeem the holdings and take th...