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Tax implications of moving RRSP to Australia for Canadian, now an Aus Citizen & for tax purposes? I am 67 yrs of age. Also, how can it be transferred & into what type of product in Australia?
Hi Joy,
You can’t directly transfer an RRSP into an Australian superannuation fund (super fund), as the tax treatment and account structures differ significantly between Canada and Australia.
You could withdraw the funds from your RRSP and then transfer the cash to an Australian superannuation fund or other investment vehicle. However, this would trigger Canadian withholding tax at the time of withdrawal. In Australia, the transferred funds could be placed into a superannuation account, which may have specific eligibility requirements and tax advantages.
Another option is to roll the RRSP into a RRIF (Registered Retirement Income Fund), which allows you to manage withdrawals over time. While you’re living abroad, a RRIF is more tax-efficient for gradual withdrawals (15% non-resident withholding tax on gradual withdrawals instead of 25%).