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Greetings Allan,
We have some confusion please help us out and clarify.
Being non resident I assume we can still contribute in child's RESP. However, I believe Govt top up will stop immediately. Is that right?
Moreover, being non residents I understand we don't get tax benefits to invest in RRSP. However, can we still contribute if we want without claiming tax benefits in our RRSP accounts
And, can we still switch findings from one RRSP to another RRSP account if we want? Any tax regulations in that?
Please let us know.
Stop contributing to a RESP once you become a non-resident. You are not allowed to do so. Furthermore, you can contribute to your RRSP once you become a non-resident, but you won't be able to deduct the contributions from your income, since you won't have any income to report to the CRA. Yes, you can switch funds between RRSPs so long as your financial institution permits you to do so. There are trading restrictions within RRSPs for non-residents.