NR73 Non-Residency Status in Canada

[Kacey8361 87]

I have a pension with the Alberta Government. Looking to have those funds sent to US. They are requiring that I fill out an NR74 form with the CRA. Has anyone done this before? Any idea on processing time as I looked online and could not find any. Hoping this process is a quick one as I need those pension funds here in the USA

 

thank you everyone for your input. 

[databit 328]

Have you checked with your tax preparer? RI does tax pensions.

[Kacey8361 87]

1 hour ago, databit said:

Have you checked with your tax preparer? RI does tax pensions.

I have not. However, I am looking forward to withdrawing my pension for the purpose of using a portion of to purchase a house here in RI. The rest will be reinvested.  

[Lemonslice 4,841]

I did fill the form because of my working situation.  I think it took 2-3 months to receive a decision. 

 

Can't really help with the pension question, but I would take a couple hundred dollars and check with a CPA about if/how your withdrawal will be taxed. 

[Kacey8361 87]

8 hours ago, Lemonslice said:

I did fill the form because of my working situation.  I think it took 2-3 months to receive a decision. 

 

Can't really help with the pension question, but I would take a couple hundred dollars and check with a CPA about if/how your withdrawal will be taxed. 

Thank you so much for the input. How long ago (about) did you complete the form? Also, did you complete it once moving to the US or did you have to wait a certain amount of time before submitting it? 
 

Thanks again 

[Lemonslice 4,841]

I submitted it twice, once when I first moved in 2010, and then again in 2013 because of a change in circumstances.  It is a bit long to fill, but nothing too hard.  I did not have to wait before submitting it (well, had to move first).

[NikLR 13,227]

~~moved to Canada regional forum crom moving here and your new life.  Topic is regionally specific~~

[Romans13 130]

I am in the same boat as OP. Alberta pension. Pension place is requiring a mandatory nr73 decision before they will release all funds. My pension company will only payout to a Canadian bank account; so I cannot close the account. (I will need to explain this to CRA, as a closed account helps for evidence of non residency)

Google searches reveal many people advising never to do a nr73 (But merely check a box on final return, to say you have left the country and the date), but for those who have financial assets; it is non negotiable.

Additionally, many threads I read elsewhere indicate that CRA can and has at times taken 6 months for a decision. Ludicrous.

Also cases where they deny the non resident determination.

Also be prepared for a massive tax hit on withdrawal. 25-30%.

I may need to move to USA first then wait for determination and then start the pension payout process.....

[Kacey8361 87]

On 11/7/2019 at 9:45 PM, Romans13 said:

I am in the same boat as OP. Alberta pension. Pension place is requiring a mandatory nr73 decision before they will release all funds. My pension company will only payout to a Canadian bank account; so I cannot close the account. (I will need to explain this to CRA, as a closed account helps for evidence of non residency)

Google searches reveal many people advising never to do a nr73 (But merely check a box on final return, to say you have left the country and the date), but for those who have financial assets; it is non negotiable.

Additionally, many threads I read elsewhere indicate that CRA can and has at times taken 6 months for a decision. Ludicrous.

Also cases where they deny the non resident determination.

Also be prepared for a massive tax hit on withdrawal. 25-30%.

I may need to move to USA first then wait for determination and then start the pension payout process.....

Thanks for the input. I agree, everywhere I have read that it is NOT as useable to claim non-residency status but that is the only way to access the full funds. I must do so, I need those funds, like, yesterday. Gah. Moved to the USA end of Aug and truly, as of right now, I am no longer a resident nor do I have plan so be in the future so I feel like, despite the warnings - it’s what is honest. 
 

gahhh. I swear, one wrench after another is thrown into my plans. Also, pension company stated that it can take 7-8 months to process. Paperwork is just a bunch of ‘tick boxes’ why 7 months, seriously?!