NR73 Turnaround Time ?

BillS · Post by **BillS** » Mon Aug 13, 2012 4:13 pm

Hello, I faxed form NR73 (Determination of Residency Status)to the Canadian Revenue Agency International Tax Office. I have been in the US for 6+ years, my wife and I are permanent residents, my kids are at US colleges, there are no plans to return to Canada. I sent this form in so that I can get the determination necessary for "Form 5" to unlock and liquidiate LIRA's. I called and was told 30 day turnaround at least. I have also heard it can be up to 4 months. I would appreciate if you have any experiences to share.

nsamoa · Post by **nsamoa** » Fri Oct 05, 2012 11:49 am

Hi, I am in the same position as you, I faxed in my form also want to unlock my locked in rrsp. Was wondering how long it took before they got back to you, and if you had any problems? They are also telling me 30 days.

Thanks

nelsona · Post by **nelsona** » Fri Oct 05, 2012 2:36 pm

Just remember that LIRA pull-outs are fully taxable in US, so expect a big tax hit:
25% NR tax in canada, 25% tax in US with only partial tax credit, plus full state tax.

If you left it until it was unlocked to a rrif, the NR tax drops to 15%, the IRS tax would likely also drop and tax credit would work better.