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Thanks for the quick response! I already have RRIF account opened and ready to role over RRSP into RRIF, which can be complete before 12/31/2017. In this case, can you confirm that I can collapse RRIF in January 2018 in the following order? 1. On 1/1/2018, withdraw 10% with 15% withholding tax. 2. O...

One last question regarding this topic. If I want to withdraw the entire amount, is it still better to convert to RRIF and collapse as opposed to collapsing RRSP? More specifically, do I get 15% withholding for the amount up to 10% of previous years balance and 25% withholding for the rest if I were...

Thanks for the detailed responses! One more question, can I convert my RRSP to RRIF now and start my annual 10% withdrawals starting on Jan 1, 2018?

Can you please clarify why collapsing RRSP in the year where I have no RSUs is better? Also, I'd really appreciate if you could shed some light on this question as well: - When calculating the gain in RRSP for US income tax filing, which currency do I use for US stocks held in RRSP account? For exam...

RSU income in Canada for 2017 is about 100k and RRSP is worth about 100k and I'm pretty far from retiring. RSU vesting in Canada already deducts hefty withholding tax for CRA. Because my US marginal income tax rate is lower than Canadian rate, I don't believe I need to pay any tax in the US for that...

Actually, I moved to the US in 2016 and 2016 tax return was filed as Emigrant. 2017 return should be filed as non-resident. Does that change your answer about me co-signing my parents' mortgage in Canada? I want to make sure CRA doesn't use it revoke my non-residency in Canada. Other Canadian income...

Situation: - Canadian who moved to the US and currently a US resident for tax purpose. - In 2017-2018, I will have income in both US and Canada and therefore will file income tax in both countries. Canadian tax will be filed as non-resident. - In 2019, there will be no more income from Canada, so I ...

Wouldn't we still benefit from SRSP->RRIF conversion since we will get 15% tax withheld for RRIF withdrawal (up to 10% of RRIF balance) as opposed to 25% tax withheld for RRSP withdrawal? We will also get all of that back in 217 refund if 10% withdrawal < basic personal amount AND my wife does have ...

Thanks for a quick response nelsona. I didn't have any other tax in mind, and I just wanted to confirm if my understanding was 100% accurate before I decide to go with this RRSP->RRIF conversion. To me, 15% withholding tax in Canada + ordinary income tax on only the gains in the US with the cost amo...

Hi nelsona, I have a few more questions re: RRSP->RRIF conversion. 1) My understanding is that I need to pay income tax to IRS for any income generated from my RRSP account when I make withdrawals and the cost amount used for calculating the income is the cost amount of the investments as of the dat...

I'm a Canadian citizen and will move to WA, US and become a non-resident this summer. Employer has a small match for 401k contributions and I can choose either 401k vs Roth 401k for my contributions. If I were to return to Canada before I become 59.5, what would be the better option? I read that I w...

Thank you!

Thanks nelsona for the quick reply. It would be greatly appreciated if you could answer my other questions below: - Can we convert RRSP and SRRSP to RRIF before we become non-residents or can we do it after in order to take advantage of the 15% flat tax rate? - In order to qualify for 15% flat tax f...

Our situation: - Family of Canadian citizens moving to the US in July 2016 on L1 visa. - Will be non-resident for the tax purposes and will start making US salary as soon as we move. - I'll continue to have income in Canada for 2017 and 2018 (stock options), my wife will have very small interest inc...

Here is my situation: - Will move to the US at the end of June 2016 for a new job on TN visa. - Will sever all significant residential ties to Canada when we move. - Will have Canadian income for the remainder of 2016. - Last day for the currency job in Canada is mid-July. (will be using up remainin...