Ontario locked-in RRSP for non-residents

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canroc
Posts: 24
Joined: Sun Feb 18, 2007 5:16 pm

Ontario locked-in RRSP for non-residents

Post by canroc »

It appears that the 2007 Ontario budget calls for the ability of non Canadian residents to unlock their locked in RRSP. At least that is my interpretation of this from page 30 of the budget:
"[i]Additional changes would allow direct transfers of unlocked small amounts to non-locked-in accounts and unlocking for non-residents of Canada[/i]."

But I don't know if that means that non residents will be able to unlock all of their locked n RRSP or a small amount of it.
Anyway I think this is good news for those of us who have locked-in RRSPs in Ontario.

Here is the budget web page:
[url]http://www.ontariobudget.ca[/url]
nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

This means that ON will soon treat LIRAs the way most other jurisdictions do:

small liras are allowed to be rolled into unlocked accounts. ALL liras held by non-residens can be collapsed.

Thanks for the update.
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
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