Can anyome advise me

[msmiz]

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???

[jeffsobe]

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