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If you don t quite make it through your full-time program, you ll generally face tax on the amount of your RRSP withdrawals made under this plan But don t panic There are ways to avoid this tax hit First, if you meet even one of three conditions, you ll manage to sidestep the tax collector: You withdraw from the educational program more than three months after the year of your RRSP withdrawal Less than 75 percent of your tuition costs are refundable when you withdraw from the educational program You enroll in another qualifying program on a timely basis
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Second, you can bypass the ugly tax hit by repaying the amount withdrawn by December 31 of the year following the year of withdrawal Send a copy of the RRSP receipt proving repayment, along with a letter explaining why you are cancelling your withdrawals under the LLP, to the Ottawa Tax Centre, Room 362, 875 Heron Road, Ottawa, ON K1A 1A2
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You ll have to repay your RRSP withdrawals in equal installments over a 10-year period, and you not your spouse must be the annuitant of the RRSP Your rst payment back to your RRSP must be made no later than the rst 60 days of the sixth year after your rst withdrawal So, if you make a withdrawal in 2007, your rst payment will be due in the rst 60 days of 2013 You may have to start your repayments sooner if, after your rst withdrawal, you fail to qualify for the full-time education credit for three months in two consecutive years In this case, you ll have to start your payments in the rst 60 days of the year following the second of the two consecutive years Special rules apply in the year of your death or if you give up Canadian residency Kind of confusing, isn t it Not to worry CRA will send you notices to explain how much you have to repay and when By the way, if you fail to make the proper repayments in any given year, you ll face tax on the de cient payments
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As with the Home Buyer s Plan, if you make a contribution to your RRSP and then withdraw those funds within 90 days under this plan, you won t be entitled to an RRSP deduction for the contributions For more information, refer back to Tip 80 dealing with the Home Buyer s Plan Also, get a copy of CRA s booklet No RC4112 on the Lifelong Learning Plan (you can get it online at wwwcragcca)
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The 1998 federal budget opened the door to making tax-free withdrawals from an RRSP for full-time training or education under the Lifelong Learning Plan
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You can withdraw up to $10,000 each year, over four years, to a maximum of $20,000 in total withdrawals The plan is similar to the Home Buyer s Plan in many ways, and the rules can be complex Take the time to understand the impact on your retirement savings before withdrawing RRSP money
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Tim s Tip 82: Take three steps to minimize the tax hit on RRSP withdrawals if you re planning to leave the country
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If you re thinking of leaving Canada, perhaps to live it up down south in your retirement, make sure that you leave your RRSP intact when you go You see, regardless of where you move, you re likely to be better off in the long run by making RRSP withdrawals after you ve given up Canadian residency, and not before
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ark and his wife Karen decided to move to the US at the end of 2006 They liked the thought of spending their retirement in the warmth of
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Arizona Before leaving, they visited their tax advisor and took her advice before packing their bags As a result, Mark and Karen decided to keep their RRSPs intact, so they simply informed the various mutual fund companies and financial institutions holding their investments that they would be nonresidents of Canada from 2007 onward In addition, they sold all the assets inside their RRSPs that had appreciated in value and reinvested those proceeds just before leaving Finally, they took great pains to make sure that they gave up Canadian residency properly The result of all this Mark and Karen will
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enjoy extremely tax-efficient withdrawals from their RRSPs Did you catch the three steps taken by Mark and Karen Let s look at them again
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