Locked-in RRSPs, Pensions non-resident - international non-resident cross border income tax help estate family trust assistance

Subject:        Locked-in RRSPs, Pensions non-resident
Expert:         taxman at centa.com
Date:           Friday April 07, 2006
Time:           02:01 AM -0700
The whole concept of Locked-in RRSPs is unbelievable. Here we are
all Canadians and should have the same rights, whomever we worked
for, what Province we live(d) in, or which Jurisdiction our
Pension falls under. Not true. There doesn't seem to be a place
to go to find information on this, to correct this, or to discuss
this. I just set up a Yahoo group if that can be of help:
ca.groups.yahoo.com/group/Locked-in_RRSP. It needs publication.
Can you help? It will be an open membership until such time that
people try to take it over for spam.
A question I would have, is can a non-Canadian have a locked-in
RRSP. My wife is not Canadian so what would happen if I died? I
live in the Philippines (and am Canadian).
david ingram replies:
Depending upon what province you moved from, you can likely
unlock your RRSP and withdraw it.  Read these other two answers:
My question is: Applicable to both US and Canada
QUESTION: I am a permanent Resident in the United States. I have
a locked in
RRSP of about $500,000 CDN and am 56 years of age.
When will I be able to liquidate the RRSP and what tax will be
due and to
which country. My full employment income is US based and all
taxes due are to
the US government.
david ingram replies:
A locked in RRSP can NOT be rolled into a RRIF.  It can be rolled
into a
lifetime annuity or a LIF (Life Income Fund) or a LRIF (Locked-in
Income Fund). If your LIF was from Ontario, Alberta or BC or a
pension (CN Railroad for instance) a LIF requires you to purchase
a life
annuity by age 80, an LRIF does not, leaving you more control
over your
If you do the annuity route, Canada will get 15% tax under
Article XVIII of
the US Canada Income Tax Treaty.  You will then report the income
again on
your US return and claim the 15% tax paid to Canada on US form
1116 under
the "other" classification.
BC and Alberta and I think Ontario will allow you to withdraw
your RRSP if
you become a non-resident of Canada.
Those rules can be found in this older CEN-TAPEDE
I am a Canadian citizen currently resident of Washington state,
have a locked-in RRSP in TD Canada Trust in Alberta. I would like
to un-lock
the RRSP for the purpose of purchasing a home here. The bank
contacting the government and asking for permission, but could
give me no
other contact information or advice. Is it possible to make this
transaction, and how would I go about it?
david ingram replies
You are in luck. Alberta is one of three jurisdictions which
allow the
unlocking g of a locked in plan when you become a non-resident of
However, I have never been involved in an Alberta locked-In plan
In BC, you must be gone for more than two years and write the
of Financial Institutions for written permission to withdraw the
money. The
superintendent writes the letter to you, you take it to the
Institution which withholds 25% tax and gives you the rest. A
letter from
the CRA will also help.
Alberta's rules allow for the withdrawal as soon as you have
become a
non-resident. You need a letter from the CRA acknowledging that
you are a
non-resident. Take it to the TD - Canada Trust Branch along with
a copy of
And you should get your money less a 25% withholding tax.
Let me know what happens.
We will help prepare your federal and state income tax return or
returns.  We do no online filing but will file the returns so
that you can
check the status online. We will do the 1040 or 1040NR or 1040X
pr 1041
estate return, your Canadian T1 and in a pinch can help you look
after a
Mexican return as well with our Guadalajara consultant, David
Whether it is help with specific or general information, filing,
or just an
estimate of the tax you will owe in a specific situation, we can
it for you. We can be the estimator for the tax equalization if
you are
being transferred from state to state or country to country.
Our help is NOT free however.  Typically, we charge $400 Cdn per
hour for
calculating, preparing or consultation service or services. We
specialize in
old returns so if you have not filed because of a bankruptcy or
procrastination, we regularly do 10 years back for US / Canada
where the US citizen has failed to file while living in Canada.
We can look
after the TDF-90 and form 8891 RRSP reporting forms as well.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa
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
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consultation and is to be regarded only as general comment.
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Be ALERT, the world needs more "lerts"
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family trust assistance expert preparation & immigration
consultant david ingram, income trusts experts on rentals mutual
funds RRSP RESP IRA 401(K) & divorce preparer preparers
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