Canadian RRSP and TFSA accounts are NOT regarded as "Foreign Super". Therefore, are they just regarded as savings accounts, in which case no tax liability in Australia for withdrawals?
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Hi @AussieStu,
You're correct, the Canadian RRSP and TFSA are not regarded as foreign super funds. They're looked at more like foreign trusts. You may not have to report the whole amount you receive, however, some of the lump sum you access may be reportable here.
We'd recommend you contact our tailored technical assistance area. They'll be able to advise on how this will be looked at for tax purposes. If you pay tax on the amount overseas, you may be able to apply a Foreign income tax offset.
You can also view the tax treaty on who has taxing rights over the amount.
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Hi @AussieStu,
You're correct, the Canadian RRSP and TFSA are not regarded as foreign super funds. They're looked at more like foreign trusts. You may not have to report the whole amount you receive, however, some of the lump sum you access may be reportable here.
We'd recommend you contact our tailored technical assistance area. They'll be able to advise on how this will be looked at for tax purposes. If you pay tax on the amount overseas, you may be able to apply a Foreign income tax offset.
You can also view the tax treaty on who has taxing rights over the amount.
Thanks @Jodie_ATO - I'll certainly try that. The Web site suggests calling later in the week, and I'll post here whatever I can find out.
I do think it shouldn't be so difficult to find an answer to this question as there must be many people for whom it would be helpful.
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