My wife and are are Canadian citizens living/working in the US on a L1/L2 visa, thus a US resident. We have appoximately 60k in CAD RRSP held in Canada. We do not have any income in Canada. Our income in the USA is approximatley 150k (50k from wife). While leaving in Canada our income was approximately the same. We plan to be in the US for several more years (Visa and possible green card). We moved to the US in Jan 2010. I did not step up my RRSP before leaving.
Would in be benifical to withdrawal the RRSP while residing in US? If so, what tax rate would I be paying and what is the most effiecient way to do this? I don't need the money but figure it is a good way too get the money out w/o paying high taxes. I am open to the witdrawal taking several years or all at once.
Thanks for the advice.
Glen
USA Resident - CAD Citizen w/ 60k RRSP - Windrawal options
Moderator: Mark T Serbinski CA CPA
-
- Posts: 1
- Joined: Sat Mar 05, 2011 7:14 pm