Day trading in Canada Message Board

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Gold/Mining/Energy : Day trading in Canada

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To: hx4 who wrote (3063)	5/4/1999 2:38:00 AM
From: eWhartHog	Read Replies (2) of 4467

<<Have you or anyone else got any creative suggestions on how to legally take money out of RRSPs without getting hit totally>> Emigrate from Canada, then make your withdrawal. In the absence of an applicable tax treaty, lump-sum withdrawals are taxed at a flat 25% rate, and periodic payments at a lower rate. International tax treaties reduce the tax liability to lower levels, even zero, in some cases. These withholding rates are your entire Canadian tax liability, unlike the withholding on domestic withdrawals, which may require further payments to Revenue Canada depending on your marginal tax rate. Of course, you should move to a country that doesn't itself tax your RRSP withdrawal. This is a popular loophole for Canadian residents able to leave. There has been discussion for years that tax-sheltered plans would become subject to some sort of "departure tax," but as far as I know this hasn't yet occurred. An added bonus is that once you are a non-resident of Canada, there will be no Canadian capital gains tax liability on your Canadian trading. Moving to a country with low or no capital gains tax provides another advantage for securities traders. Regards, John

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