Home | Log in | Join Now! | Blog | Contact    Subscribe to the InvestEd Forum feed (new threads) via RSS
InvestEd :: Wealth Education for Australian Investors


Turning 55 and living overseas

canada , overseas , super

LinkBack Thread Tools
Old 07-04-2012, 03:46 PM   #1
Posts: 1
Join Date: Apr 2012
Location: Victoria, BC
Unhappy Turning 55 and living overseas

When they passed the law that said that we don't pay tax when we take our super out, it was good news. I know that were I living in Oz, hitting 55 in a few months, I could take a percentage of my super out tax free.
However I am living in Canada. Here people do not pay tax on their super money when they are putting it in, they pay when they take it out.
I have been told by my H&R block guy today that if I take any money out when I hit 55, that the Canadian government will tax me! I have already paid tax on this money. I was looking forward to paying off my mortgage with the money.
Does anyone know if this is true, or where I can go for specialist advice on this? I am just so disappointed...I paid not only the tax but the useless super surcharge on this money....now I am being told that the Canuck government wants to take a chunk..when it should be considered post tax money no matter where I am living.
It is hard to get good advice on international tax law...my Oz accountant told me misinformation about dividends..told me that they would be virtually tax free when I became an overseas investor. That was a porky.
Any suggestions? I am both a Canadian and an Australian citizen.
almost55 is offline  
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
Negative gearing and tax on investment property when living overseas orolain Real Estate 0 22-04-2009 07:30 AM
Trusts and income distribution to beneficiaries living overseas ionic Investing Strategies 6 10-06-2008 05:43 PM
OZ IP's and living overseas for 2 years? Dunsborough Money Management 8 27-01-2007 05:02 PM

All times are GMT +10. The time now is 09:27 AM.

Copyright © 2006 Investor Education Pty Ltd (ACN 114 677 226)
Site by Hampel Group