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You maust have residency in Canada to have mutual funds. I live in US buy also have a resience in Canada. Once I get GC do I have to officially give up my residence statis in Canada and if so that menas I canniot maintain mutual funds there???
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Can anyome advise me
It is a good idea to declare yourself non-resident of Canada. You can still maintain your RRSP's withous any problem b/c the interest is non-taxable anyway until you withdraw them. Technically you should declare the interest as a revenue in the US but that is up to you.
When you are ready to withdraw the RRSP's, you will have to pay 25% income tax on them (if you have declared yourself a non-resident) and also when you bring the money into the US, be ready for IRS to ask questions...You should get a good accountant who is familiar with Canada/US taxation systems.
A friend of mine did not declare herslef non-resident and withdrew RRSP's but Revenue Canada caught up with her...Ouch!
Good luck
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