How & When to pay departure tax once u leave Canada

[Krikit 1,164]

This was all from my accountant and financial advisor....RSP could stay in Canada but my brokerage account had to be transferred to a US broker. So I had to make a deemed disposition of the account and pay taxes on any capital gains. But as I posted above it was such a bad year I had more losses than gains so it came out okay.

Interesting. I was told that as long as my account was opened while I was a resident of Canada then I was good to go. Maybe we are talking about two different things.

[Flames9_RN 358]

Think it all depends on what type of RRSP it is?? I had left my RRSP's in Canada for awhile--wish I had left them alone---One reports them to The IRS via form 8891. IRS wont tax you if u leave them alone (not until u take them out) BUT some states may tax you, even if you leave them in Canada!

[Krikit 1,164]

IRS wont tax you if u leave them alone (not until u take them out) BUT some states may tax you, even if you leave them in Canada!

What the heck?? There's a tax treaty, daggone it!!

[Flames9_RN 358]

VA didnt tax me on my RRSP's when I left them in Canada! But 1 other VJ'er stated her State did! who knows. Form 8891 is simple to fil out

[OBX 51]

Interesting. I was told that as long as my account was opened while I was a resident of Canada then I was good to go. Maybe we are talking about two different things.

I'm not really sure what we're talking about.

I'm talking about my non-RSP brokerage account, what are you talking about?

Edited June 6, 2010 by OBX

[Krikit 1,164]

I haven't got a clue anymore!