Transferring RRSP While Non-Resident

[DerekW]

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...

[nelsona]

i was able to transfer without going to Canada nor having to go to an affiliated branch in US.

It can be done remotely.

[chelavnzuo]

Many thanks!

I will try again next week and see if I can speak with the right agent to help me transfer it remotely.

[DerekW]

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.

[nelsona]

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.

[DerekW]

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.

[nelsona]

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.

[DerekW]

Yeah maybe. But if I cash it in I'm paying something like 20 to 30 % tax on it.

[nelsona]

yes 25%. You will always pay AT LEAST that much, whenever you take it.

[DerekW]

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.