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anyone know about Canadian RRSPs?
help50
Posts: 71 Forumite
Hi - long shot but maybe someone on here knows about these. My Canadian wife has about $60k spread over a number of RRSPs and they don't seem to offer much in the way of interest.
There is one called a GIC RSP from TD which has 1% interest and matures in Jan 2020, there's another TD 1 year cashable GIC RSP at 0.4% which matures end Feb this month. These seem to be some sort of govt bonds I guess. There's another RRSP with Manulife which has lost 4.9% this year, but ok over longer term and finally a "Basic RSP - Spousal" which has lost 8% last year and 32% since 2015!
She is tax resident in UK, 55, no income other than UK dividends, lower rate taxpayer. We're looking to try and consolidate all this into the best place for a return. My reading says she could withdraw them and have 25% withholding tax and pay UK tax on any gain in fund (I think, not sure how that's worked out and if its significant). Or, she could convert them to RRIFs anytime from now to age 71 and take periodic withdrawals into UK with no tax incurred.
We will ask elsewhere and try and get some sense out of TD bank but thought I'd pitch it out here in case there's some Canadian expertise out there. thanks for reading.
There is one called a GIC RSP from TD which has 1% interest and matures in Jan 2020, there's another TD 1 year cashable GIC RSP at 0.4% which matures end Feb this month. These seem to be some sort of govt bonds I guess. There's another RRSP with Manulife which has lost 4.9% this year, but ok over longer term and finally a "Basic RSP - Spousal" which has lost 8% last year and 32% since 2015!
She is tax resident in UK, 55, no income other than UK dividends, lower rate taxpayer. We're looking to try and consolidate all this into the best place for a return. My reading says she could withdraw them and have 25% withholding tax and pay UK tax on any gain in fund (I think, not sure how that's worked out and if its significant). Or, she could convert them to RRIFs anytime from now to age 71 and take periodic withdrawals into UK with no tax incurred.
We will ask elsewhere and try and get some sense out of TD bank but thought I'd pitch it out here in case there's some Canadian expertise out there. thanks for reading.
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Comments
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Can you not hold investments in it rather than only cash instruments .? I have a relative with what I think is one of these and they bought some vanguard and similar funds in there (it's a pension that was created from a Canadian government pension scheme when she left ) .0
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