A decade ago I left Canada but kept my RRSP account open, nothing out of the ordinary here.
Now, the bank want me to close my RRSP; the thing is, it is not possible for a non-resident to open a new RRSP account, making it impossible to transfer to another bank.
Thus, forcing my to cash out the whole RRSP, paying 25% tax in Canada AND in my current country (tax treaty may help here)
While this is undoubtedly unethical (yeah, a bank, so surprised), is it even legal ?
Any idea on how to fight/mitigate such situation?
Now, the bank want me to close my RRSP; the thing is, it is not possible for a non-resident to open a new RRSP account, making it impossible to transfer to another bank.
Thus, forcing my to cash out the whole RRSP, paying 25% tax in Canada AND in my current country (tax treaty may help here)
While this is undoubtedly unethical (yeah, a bank, so surprised), is it even legal ?
Any idea on how to fight/mitigate such situation?