That's very helpful, thanks nelsona.
Chelavnzo, by frozen I mean they have stopped me from making any buys. I can still sell ETFs/stocks.
That's a bit unfortunate that they want you to go to Canada for this. That will be tricky for me if they ask the same. I have no plans to go to Canada until May or June. Hope Questrade will be ok with that...
Transferring RRSP While Non-Resident
Moderator: Mark T Serbinski CA CPA
Re: Transferring RRSP While Non-Resident
i was able to transfer without going to Canada nor having to go to an affiliated branch in US.
It can be done remotely.
It can be done remotely.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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Re: Transferring RRSP While Non-Resident
Many thanks!
I will try again next week and see if I can speak with the right agent to help me transfer it remotely.
I will try again next week and see if I can speak with the right agent to help me transfer it remotely.
Re: Transferring RRSP While Non-Resident
I got a hard no from TD Direct today saying that they have recently changed their rules on this issue. I wonder, nelsona, if you made the transfer before the rules changed.
My next possibility is transferring into a regular bank RRSP savings type account, which apparently might have less regulations.
My next possibility is transferring into a regular bank RRSP savings type account, which apparently might have less regulations.
Re: Transferring RRSP While Non-Resident
They said no to which? Opening account, or opening an account without coming to Canada.
Obviously, since them and this change recently, my transfer would have been YEARS ago, But i wouldn't simply take this rejection as fact from the person you spoke too.
Actually, banks have LESS rights to deal with US residents, since they aren't licensed at all.
Obviously, since them and this change recently, my transfer would have been YEARS ago, But i wouldn't simply take this rejection as fact from the person you spoke too.
Actually, banks have LESS rights to deal with US residents, since they aren't licensed at all.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Transferring RRSP While Non-Resident
It was specifically it was a no to opening an RRSP investing account while a resident of US.
It seems like there may be a possibility of opening a regular savings RRSP in which you cannot trade, which is the route I'm exploring now.
It seems like there may be a possibility of opening a regular savings RRSP in which you cannot trade, which is the route I'm exploring now.
Re: Transferring RRSP While Non-Resident
At that point you might as well cash it in. Use the money towards Roth and house in US, which is tax-free growth. Your savings account will be stagnant.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Transferring RRSP While Non-Resident
Yeah maybe. But if I cash it in I'm paying something like 20 to 30 % tax on it.
Re: Transferring RRSP While Non-Resident
yes 25%. You will always pay AT LEAST that much, whenever you take it.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Transferring RRSP While Non-Resident
Hey Chelavnzuo, did you ever find a bank that would let you transfer your RRSP while a non-resident? I tried three with no dice. I've basically given up at this point, but thought I'd ask if you had any breakthroughs before I start selling stocks.