I have just started working for a US company on TN Visa from this month. As I worked until the end of November in Canada in 2005 and I still have some RRSP contribution room left, I am planning to buy some RRSP before March 1, 2006 to reduce some personal income tax.
My question is: since I have moved to US (right before Christmas), am I still eligible to contribute to RRSP? My old address in Canada is still valid because I was sharing an apartment with my friend, who agreed to handle any mails for me. So, if I buy RRSP, which address should I use: the US address or my Canadian address? Does this make any difference? I already have a RRSP account at my bank and invest it in mutual funds. Can I add the new RRSP (if I can buy) to my RRSP mutual funds account?
Another question is: do I have to file US tax for 2005 because I only started working here from Jan. 2006? I guess I don't have to. I don't know much about tax and would appreciate any suggestions. Thanks.
Working on TN, can I still buy RRSP?
Moderator: Mark T Serbinski CA CPA
Anyone can contribute to an RRSP, even as a non-resident.
You should not use a fake address however, as this is putting your RRSP trustee in an illegal position.
Moreover, since you are in US, you may find that almost all broker/dealers will not allow you to fund new money into an RRSP, and very few will even allow you to manage these accounts from US.
You should have funded your RRSP for the last time BEFORE moving. Now you will probably be limited to buying a GIC in your RRSP. You should also have re-balanced your RRSP at that tiome to reduce any future US tax liability (oh yes, internal RRSP income after you arrive in US is taxable in US year after year unless you formally elect otherwise).
There are a few threads here, and on the defunct website you tried to post to, that deal with this. Read 'em.
You should not use a fake address however, as this is putting your RRSP trustee in an illegal position.
Moreover, since you are in US, you may find that almost all broker/dealers will not allow you to fund new money into an RRSP, and very few will even allow you to manage these accounts from US.
You should have funded your RRSP for the last time BEFORE moving. Now you will probably be limited to buying a GIC in your RRSP. You should also have re-balanced your RRSP at that tiome to reduce any future US tax liability (oh yes, internal RRSP income after you arrive in US is taxable in US year after year unless you formally elect otherwise).
There are a few threads here, and on the defunct website you tried to post to, that deal with this. Read 'em.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best