# Rhosp



## deejaj (Jul 30, 2013)

Anyone with RHOSP plan when it was cancelled? Was the money returned taxable to residents/non residents? Thanks.


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## OhGreatGuru (May 24, 2009)

According to one reference I have, when the plan was cancelled in May of 1985, holders had until the end of 1986 to withdraw all funds, tax-free, for any purpose. There was an option to keep the money invested, but after Jan. 1, 1986 any earnings going forward would be taxable - it would be an unregistered investment account.

This would apply to residents. I don't know about non-residents. I would think you had to be a resident to set up and contribute to the plan. If you subsequently became a non-resident, I believe non-resident withholding tax applied. I don't know if there was an exception for when they cancelled the plan.


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## deejaj (Jul 30, 2013)

OhGreatGuru said:


> According to one reference I have, when the plan was cancelled in May of 1985, holders had until the end of 1986 to withdraw all funds, tax-free, for any purpose. There was an option to keep the money invested, but after Jan. 1, 1986 any earnings going forward would be taxable - it would be an unregistered investment account.
> 
> This would apply to residents. I don't know about non-residents. I would think you had to be a resident to set up and contribute to the plan. If you subsequently became a non-resident, I believe non-resident withholding tax applied. I don't know if there was an exception for when they cancelled the plan.


thanks for your info. 

any info from non-residents with rhosp at that time will be much appreciated.


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## deejaj (Jul 30, 2013)

thanks for your info. 

any additional info from non-residents at that time is appreciated.


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