Quote:
Originally Posted by girish
Thanks for your reply. Yes its pretty much like paying for others. Free health insurance is just carrot and infact its useless for the people who hardly visit clinics. Looks like only way to cut down taxes is contribute to RRSP and unfortunately I cant contribute until next year.
does anyone know if there is any penalty if you take out your RRSP while leaving country?
Thanks
Girish
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You will pay income tax on any money taken out of a RRSP. Generally the amount of tax will be figures on your last years return.
It's hard to escape the tax man. When my mom died I had to pay, "her estate", $30,000 in income tax on her RRSP.