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

All about Retirement Planning in Canada. Learn the ins and outs and get the latest news.
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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 »

Financial planning in your 70s + MORE Oct 12th

When most people think about financial planning, they think about saving and investing for retirement. That is certainly a part of it, but financial planning is much more holistic. Here are a few financial planning strategies for those approaching or into their 70s. If you are not there yet, bookmar.... More »

“What type of content am I reading?” + MORE Nov 23rd

You can always tell by how an article is labelled what type of content you’re reading. The label appears not only on the article itself, but anywhere it appears on the website. No label. If the only label you see is a topic tag, such as Investing or Retirement, that means you’re reading a purely.... More »

The best RRSPs in Canada for 2023 + MORE Jan 4th

Registered retirement savings plans (RRSPs) are often described as “tax-advantaged,” meaning they offer tax-efficient ways for savers and investors to build wealth for the future, usually for retirement. To maximize their potential, you must understand how RRSPs work compared to other registered.... More »
retirement

Planning to cash in on your home to help fund retirement? Here’s how to do it right + MORE Dec 14th

Elizabeth and Charles have a home worth about $1.3 million. They’re considering selling and downsizing to a smaller unit to bulk up retirement savings. We ask experts for advice on the right move..... 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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