Hi there!
What in general happens to RRSP and TFSA if a person quits a job and leaves Canada for a while? How is it supposed to work?
My case:
I have been working in Canada for several years, have a closed work permit (tied to a company), temporary SIN and TFSA, RRSP, and a few non registered accounts opened. Work permit (as well as SIN) is valid for the next two years (until 2026), it has been extended once already.
Also I am at the very beginning of applying for PR (no ITA yet) and I plan to apply for PR, resign, and leave Canada awaiting PR (8-10 months approx). I understand that this is not the optimal path but still.
My question is what will happen to my bank accounts (except losing tax residency if leaving for more than 6 months) if I quit a job and leave Canada for a while until I get my PR?
As far as I understand 'work permit' is a right but not an obligation to work. Thus, one can quit a job and stay in Canada as long as a work permit is valid, so the status remains untouched. But what if you decide to leave, does it necessarily mean that you lose the status and thus the SIN?
What I've learned so far, as per this:
https://laws-lois.justice.gc.ca/PDF/SOR-2002-227.pdf
9.2 section 183, 4.a says that the period of authorization ends on the day of leaving Canada without authorization to re-enter. Authorization here is ETA or TRV?
Also, 11.3 section 202 says that just issuing a work permit does not make you a temporary resident. Authorization does when you show up at the border?
So the main question is what to do with accounts in the case I've described. If SIN becomes invalid, banks will block accounts, I guess. Also, I know different banks work differently, some do not even open TFSA for temporary workers and it's better to see a bank representative which I will do soon too.
Has anybody here faced with the same situation?
Thanks in advance!
What in general happens to RRSP and TFSA if a person quits a job and leaves Canada for a while? How is it supposed to work?
My case:
I have been working in Canada for several years, have a closed work permit (tied to a company), temporary SIN and TFSA, RRSP, and a few non registered accounts opened. Work permit (as well as SIN) is valid for the next two years (until 2026), it has been extended once already.
Also I am at the very beginning of applying for PR (no ITA yet) and I plan to apply for PR, resign, and leave Canada awaiting PR (8-10 months approx). I understand that this is not the optimal path but still.
My question is what will happen to my bank accounts (except losing tax residency if leaving for more than 6 months) if I quit a job and leave Canada for a while until I get my PR?
As far as I understand 'work permit' is a right but not an obligation to work. Thus, one can quit a job and stay in Canada as long as a work permit is valid, so the status remains untouched. But what if you decide to leave, does it necessarily mean that you lose the status and thus the SIN?
What I've learned so far, as per this:
https://laws-lois.justice.gc.ca/PDF/SOR-2002-227.pdf
9.2 section 183, 4.a says that the period of authorization ends on the day of leaving Canada without authorization to re-enter. Authorization here is ETA or TRV?
Also, 11.3 section 202 says that just issuing a work permit does not make you a temporary resident. Authorization does when you show up at the border?
So the main question is what to do with accounts in the case I've described. If SIN becomes invalid, banks will block accounts, I guess. Also, I know different banks work differently, some do not even open TFSA for temporary workers and it's better to see a bank representative which I will do soon too.
Has anybody here faced with the same situation?
Thanks in advance!