What Happens To Your RRSP Or RRIF If You Retire Abroad?

Fee for service financial planning: https://www.parallelwealth.com/ffs
Resources for more information:
Section 217: https://www.canada.ca/en/revenue-agen...
Tax Treaties: https://www.canada.ca/en/department-f...

When retiring abroad, there is a lot that goes into that decision. Over the next several weeks we'll look into different topics about retiring abroad. In this video, we'll go through what happens to your RRSP or RRIF account when you retire abroad. Withholding tax plays a big role, so make sure you know the tax situation of the country you are moving towards BEFORE you get there.

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TIMESTAMPS
0:00 - Introduction
0:21 - What Happens To Your Account?
1:05 - How Are RRSP/RRIFs Treated?
2:43 - RRSP Contribution Deadline
3:44 - Check With Your Financial Institution
6:11 - RRSP Withdrawal - Withholding Tax
7:49 - RRIF Withdrawal - Withholding Tax
8:36 - Tax Abroad Compared To Tax In Canada
10:41 - Section 217
12:03 - Tax Credit
13:25 - Different Countries = Different Situations
14:49 - Be Prepared!
16:04 - Summary

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DISCLAIMER: This presentation is for informational purposes only and should not be considered financial, investment, tax, or estate planning advice. All investments carry risk, and past performance does not guarantee future results. Any forward-looking statements are based on assumptions and may not reflect actual outcomes.

The content on this channel is for educational purposes only and does not provide specific investment or planning recommendations. Viewers should consult a qualified professional for retirement, tax, or estate planning guidance. Parallel Wealth and Adam Bornn are not responsible for any decisions made based on this content.