TDW Basic RSP dropped below $25K

andie · Post by **andie** » Mon Feb 16, 2009 8:28 am

Hi,

This is a very useful forum. Thank you.

I am a Canadian citizen and US perm. resident and have been in the US for 3 years. I have my RSPs in Canada.

The one in particular is a TDW basic RSP, where I have needed to keep the balance above $25K so as to avoid paying the annual $100 maintenance fee.

With the economy, the RSP value has dropped to just below $25K, and I have had to pay the $100 fee out of pocket for 2009. I have Canadian non-RSP cash that I would like to deposit into this RSP account to bring it back to above $25K, as I would not want to continue paying $100 out of pocket for this RSP.

Is making a small deposit a viable option for me to do? I don't have any Canadian income and wouldn't be taking a deduction. Would this be frowned upon by the IRS?

Thanks for any advice.

Andie

nelsona · Post by **nelsona** » Mon Feb 16, 2009 2:58 pm

There is nothing wrong with making an RRSP deposit while a US resident from the point of view of IRS. You need to determine if TDW would let you though.

Is there any way that TDW takes the fee from your RRSP, that would be best.

andie · Post by **andie** » Mon Feb 16, 2009 4:15 pm

[quote="nelsona"]There is nothing wrong with making an RRSP deposit while a US resident from the point of view of IRS. You need to determine if TDW would let you though.

Is there any way that TDW takes the fee from your RRSP, that would be best.[/quote]

Thank you so much for your reply.

Yes, I set up with TDW to take the $100 fee from my RSP if my Market Value dropped below $25K.

Right now its value has dropped to about $24,800, so they have already taken $100 from my RSP account. If the economy doesn't improve by end of year, this little RSP is going to continue losing $100 every year, which is why I thought I would just put in a little deposit to bring it back to at least $25K. I will contact them about this.

Thank you again.