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You may be able to help a couple of clients of mine. They are expats
living in Singapore and have not been filing Canadian return as they
have no Canadian sourced income. This year they want to start making
withdrawals from their Canadian retirement plans and moving their money
offshore as they intend to be long term expats.
They will take the maximum allowed without penalty, but need someone to
file their taxes for this. What information will you need from them for
filing? I assume that their Singapore based income is still not
taxable? For filing for 2004 when would you want this information from
them?
Thank you!
Sincerely,
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david ingram replies:
As non-residents there is a 25% withholding tax on any withdrawal from a Canadian RRSP.
Any deviation from this amount would indicate they are residents of Canada and leave them subject to the CRA asking for tax returns on world income.
Only withdraw money at 25% as a non-resident
Glad to do any US or Canadian returns you have up your sleeve.
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
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[email protected]
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