Serbinski Accounting Firms

I am a non-resident in the US for 25 years. I converted my employment RRSP to a group RRIF last year - about 200k. This year I am 71 and am taking my minimum distribution. I understand the minimum distribution is about 5%, but I could take up to 10% of the account and have 15% tax withheld. Any amou...

Thank you for your answers. My wife has worked in the US for more than 10 years. But she will receive more SS by claiming half of mine when she is 66. I waited until age 70 for SS to maximize. I lost about $100/month to WEP. So if I understand you: It looks like she would qualify for OAS at age 65 a...

My wife and I left Canada for the US in 1988. At the time, my wife had about 17 years of employment entirely in Quebec. We have become US citizens and have not made any contributions since our departure. I am 70 and have been receiving benefits for several years along with Social Security. My wife i...

The plan is being administered by a large multinational firm out of Toronto. The 1-800 calls get a different â€￾pension analystâ€￾ each time who is unable to answer a single question about some general and non-resident aspects of the RRIF without first putting me on hold and returning with a less than confident response. I don’t find it reassuring either that “Yes sir, we have had some other non-residents in the planâ€￾.
I am less concerned about that than the prospect of taking distributions starting next year and then having to hire people to retrieve excess taxes that may be inadvertently withheld.

Thank you so much for the speedy and thoughtful reply. It has been so difficult to find someone who can answer this for me.

I made a mistake about the 10% withhold. Thanks.
I thought I needed to include the amount of my Canada employer pension plan along with my 403 in my calculations for my IRS RMD this year.
I was not aware that for IRS purposes I am not allowed to adjust the cost basis for my employer-based pension plan to the balance when I departed, as opposed to private funds.
I have been collecting and reporting OAS and QPP since age 65. My wife plans to apply for OAS and QPP also at age 65 and then apply for half of my Social Security at age 66. She is 63.
The 15% CRA withhold applies to “periodic pension paymentsâ€￾. Would a single annual payment of the 10% maximum qualify- an amount that is changing slightly each year?
Is there a regulation about not being able to make a withdrawal during the first year the RRIF is formed?
Is the advantage to putting the RRIF in my name instead of my wife’s (age 63) for the sooner and larger minimum withdrawals?

I am 70 this year with dual Canada-US citizenship living in the US for 28 years. I am terminating a Quebec employer-sponsored pension plan which was $20k (my new cost basis) when I left that employer and Quebec for the US in 1988. It is now $180k and I have these transfer options: An outside rrsp or...