listen to David Ingram Thursdays on Channel 114 Sirius Radio The Good Life with Jesse Dylan Daily at 12 noon New York time - david Ingram International Income Tax expert - real estate IRA's 401(K) QUESTION: I am a Canadian citizen living in the USA . They always tell me to leave my RRSPs untouched in Canada, but I would like to use that money to buy a house in Florida. Will it make sense to take the money for this,? I am planning to stay here in the USA. Thank You! A. ==================================== david ingram replies: A tough decision. If you take out $40,000 from your Canadian RRSP to buy a Florida house for $300,000 and the house goes down 10%, you will have lost the RRSP money because the CRA will take 25% or $10,000 before you get it. On the other hand, it would have been a great idea any time in the last five years. My inclination is to go for it as long as you are buying a home to live in and can afford the payments figuratively and mentally if there is a downturn in the Florida Market as I expect to happen. Although not active in Florida for years, at one time in the 60's, I was responsible for the sale of over 2,000 lots at Cape Coral (to Canadians). David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists Home office at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 10 AM to 10 PM 7 days a week (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com <http://www.centa.com/> www.david-ingram.com <http://www.david-ingram.com/> Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. 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