Advice needed on exit tax
Moderator: Jim Eiss
Advice needed on exit tax
Hello, here is my situation....I obtained an L1A visa this September and have a residence in Florida along with our primary house in Canada....I am currently travelling back and fourth right now but plan to live in the U.S on a permanent basis once we get our visa extension. I have listed our house in Canada for sale and do have RRSP's...my question is this....since I am on a L1A visa which currently is only good for 1 year and I am travelling back and fourth, hopefully we will sell our Canadian house in the next 2-3 months and then I would rent an apartment until we get our visa extension, will I be hit with a "exit tax" on the funds from our house sale?? Should I begin to sell off my RRSP's or is there a way I could transfer them into an IRA?? Any advice or suggestions would be appreciated.
