Tax Rules for dormant Canadian RRSPs
Posted: Wed Feb 12, 2025 9:35 pm
Hello everybody,
I'm a Canadian living in Germany for the last few years. I have an RRSP account in Canada from which I haven't withdrawn any funds. Ever since I moved to Germany I haven't contributed anything to it nor have I made any trades. The account is dormant as I am not accessing it but there is interest which is tax sheltered until a withdrawal is made.
As long as I don't make a withdrawal my (Canadian) bank won't send me any tax info since taxation is deferred until supposed retirement. My question is since I haven't made any contributions, withdrawals or trades ever since I stopped being a tax resident in Canada, am I required to declare this as income?
I apologize if this has already been answered but I haven't found quite the answer I was looking for.
Thanks
Krissy
I'm a Canadian living in Germany for the last few years. I have an RRSP account in Canada from which I haven't withdrawn any funds. Ever since I moved to Germany I haven't contributed anything to it nor have I made any trades. The account is dormant as I am not accessing it but there is interest which is tax sheltered until a withdrawal is made.
As long as I don't make a withdrawal my (Canadian) bank won't send me any tax info since taxation is deferred until supposed retirement. My question is since I haven't made any contributions, withdrawals or trades ever since I stopped being a tax resident in Canada, am I required to declare this as income?
I apologize if this has already been answered but I haven't found quite the answer I was looking for.
Thanks
Krissy