Withdraw Canadian Retirement Funds

USA Discussion in 'Individuals' started by Judith Croen, Dec 2, 2016.

  1. Judith Croen

    Judith Croen

    Dec 2, 2016
    Likes Received:
    I am a US citizen over 59-1/2 and want to withdraw my Canadian RRSP and LIRA retirement savings accounts. The Canadian bank holding these funds told me to file a Residency Determination Status Form (NR73) with Revenue Canada. I submitted this form and Revenue CA acknowledged receipt in September, 2016 but stated it can take up to 9 months for processing and approval. The Canadian bank representative stated that they can not do an institution:institution transfer as might be possible within the country, but that once they receive notice from Revenue Canada that I am no longer a resident of Canada, the Canadian government will tax me 15% and then, after the currency exchange depreciates my retirement savings further, I will receive a check for the remaining value on the accounts. I don't know whether I will have to file taxes in Canada when this money is distributed in 2017. I also hope to avoid/minimize double taxation in the US and to invest this money in a retirement fund in the US. I am looking for an accountant in CT or NY experienced with this process who can help me with this in the 2017 tax year.
    Judith Croen, Dec 2, 2016
    1. Advertisements

Ask a Question

Want to reply to this thread or ask your own question?

You'll need to choose a username for the site, which only take a couple of moments (here). After that, you can post your question and our members will help you out.