Hi David,
Good talking to you the other day. The questions I had sent on a couple of previous occasions follow:
I have two RSPs, one w/ RBC and one w/ CIBC. Both currently have my 'Canadian' (i.e. my mom's) address. I want to change them to my U.S. address, and RBC told me that offshore RSP holders can't transact in their RSPs other than to sell holdings. I'm fine with that.
The CIBC RSP, however, is worth less than $5,000, and I was thinking of closing it and transferring the holdings in kind, or the cash equivalent, to my RBC RSP. Presumably I should do that prior to putting through my address change. Given my being down here in the U.S., with my RSP reporting requirements, what do you think?
1] Is it "better" to just leave it as is; i.e. will a closure and transfer make for unnecessarily convoluted 2004 tax returns?
2] Would your fee thus be higher for me next year?
3] If I closed it and didn't transfer it to my other RSP and simply pulled the cash out and paid tax on it, would that also make for a convoluted (and expensive) 2004 tax season, i.e. would that be "worth" it?
4] In one (or more) of your emails to those of us on your distribution list, did you mention that you can make a case for U.S. residents to simply dissolve their RRSPs? Can further info be found @ centa.com?
Thanks as always,
A XXXXXXX
