Can a non-resident open an investment account in Canada? Sep 21st

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Watch: 4 things to consider before putting your money in a TFSA or RRSP Sep 28th

You know both can help lower how much income tax you pay—both are registered accounts, after all—but how do you decide whether to put your money into a tax-free savings account (TFSA) or a registered retirement savings plan (RRSP)? Watch this video to learn about the four things to consider befo.... More »
I moved to Sweden to study in 2021 and I am no longer considered a resident of Canada (to my understanding). However, I have some money to invest. I am not allowed to contribute to my TFSA which leaves me with contributing to an RRSP or an ISK (Swedish tax efficient account). In short, you pay ~0.40% of the total account value in tax per year.

My contract in Sweden ends in 2024, but it is possible that I stay there, move back to Canada or move elsewhere in the world.

My questions: Would it make sense to contribute to an RRSP given that I have no Canadian income to offset? And what would be the consequences of withdrawing in a few years if I end up staying in Sweden? Or would you consider the ISK, or some other alternative?

—Kyle

How being a non-resident of Canada can affect your investments

Canadian residents are taxable on their worldwide income. Non-residents of Canada are subject to withholding tax on income in Canada that generally ranges from 15% to 25%. But they typically only file a tax return for certain types of income, like rental property income or the sale of real estate…

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