If you receive your MPF in 2024 (just an example)
You can roll (deposit) the full amount into a RRSP during 2024 or up to first 60 days in 2025. There are no contribution room required.
Will there be any income tax to HK Govt when you withdrawal the MPF?
The are certain tax calculation to reduce the amount you MUST roll into RRSP if there any taxes paid to HK Govt.
If you withdraw money from RRSP, you have to pay withholding tax
10% on amounts up-to $5,000;
20% on amounts over $5,000 up-to and including $15,000; and.
30% on amounts over $15,000.
You can apply the tax paid when you filed your T1 tax returns. If you are NOT subject to any tax that year, the full amount will be refunded.
CNTower
2024-1-5 09:21:04
Difference in what way?
Ads
CNTower
2024-1-5 09:21:31
when you moved
張家漢
2024-1-5 09:21:49
Mid January
麻姨我不想努力了
2024-1-5 09:24:03
如果住喺溫哥華，就報bc省稅就ok?
CNTower
2024-1-5 09:30:21
I don't agree to treat MPF as taxable income. However, the legislative intent for this section of the ACT was to target Canadian Citizen who left Canada and came back. I don't think it was intended to target NEW immigrant with pension fund from that homeland. May be you guys should petition the Canadian and request some relief.
However, the income tax act allows you to roll the full amount into a RRSP without using up your RRSP room. Therefore, if you are able to withdraw the money BEFORE you enter Canada, then it will be tax free.
You can open a RRSP account now and deposit up to $2,000 even if you don't have any contribution room.