Search found 12 matches

by Jojo
Tue Nov 17, 2020 12:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Section 217 & RPP Withdrawal
Replies: 3
Views: 1106

Re: Section 217 & RPP Withdrawal

Spouse B has a small amount of US investment income (mixed CG and interest), total $1-2k.
by Jojo
Mon Nov 16, 2020 1:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Section 217 & RPP Withdrawal
Replies: 3
Views: 1106

Section 217 & RPP Withdrawal

Scenario: Dual citizen couple, US residents, became USC after move to US. Spouse A has an RRSP worth $50k. Increase in value since became a US resident = $20k. Spouse B has an RPP worth $30k, and no income. Looking to collapse both with lump sum withdrawals, and pay a minimum of tax. If Spouse A wit...
by Jojo
Mon Nov 09, 2020 5:26 pm
Forum: Canada / United States Tax & Accounting
Topic: RPP Withdrawals
Replies: 4
Views: 2194

Re: RPP Withdrawals

nelsona wrote: > RPPs, Pensions and LIRAs are, unlike some personal RRSPs, fully taxable in > US. All Cdn tax paid, which should be no more than 15%, can be used as a > credit on Form 1116, or as an itemized deduction on Schedule A. Nelson, spouse's RPP administrator Sun Life says that NR withholdin...
by Jojo
Mon Oct 26, 2020 1:06 am
Forum: Canada / United States Tax & Accounting
Topic: NJ Taxation of RRSP Withdrawal
Replies: 3
Views: 1241

Re: NJ Taxation of RRSP Withdrawal

No. I became a USC after moving to US.
by Jojo
Sun Oct 25, 2020 5:15 pm
Forum: Canada / United States Tax & Accounting
Topic: NJ Taxation of RRSP Withdrawal
Replies: 3
Views: 1241

NJ Taxation of RRSP Withdrawal

Does NJ follow federal treatment of RRSP withdrawals, i.e. taxing only the growth since entry to the U.S.?

Scenario: NJ full year resident since entry into US from Canada. Dual citizen.
by Jojo
Sat Oct 24, 2020 10:53 pm
Forum: Canada / United States Tax & Accounting
Topic: US Foreign Tax Credit Applied to Spouse's RPP Withdrawal
Replies: 2
Views: 1127

Re: US Foreign Tax Credit Applied to Spouse's RPP Withdrawal

Typo: Spouse B's RPP withdrawal US taxable amount is $30k, not $20k.
by Jojo
Sat Oct 24, 2020 10:51 pm
Forum: Canada / United States Tax & Accounting
Topic: US Foreign Tax Credit Applied to Spouse's RPP Withdrawal
Replies: 2
Views: 1127

US Foreign Tax Credit Applied to Spouse's RPP Withdrawal

Scenario: Spouse A withdraws $50k from RRSP, US taxable amount $20k. CAN withholding @25% Spouse B withdraws $30k from RPP, US taxable amount $20k. CAN withholding @15% Assuming they are filing jointly in US, can the excess foreign tax credits from Spouse A's RRSP withdrawal be used to offset US tax...
by Jojo
Mon Jan 06, 2020 5:46 pm
Forum: Canada / United States Tax & Accounting
Topic: Charles Schwab vs TD Ameritrade
Replies: 1
Views: 1486

Charles Schwab vs TD Ameritrade

With the TD Ameritrade / Charles Schwab merger looming, I'm concerned about the Canadian-resident friendliness of the combined entity. TD's been my brokerage of choice because of its Canadian connection. Does anyone have intel on Charles Schwab's current policy on Canadian residents holding US IRA a...
by Jojo
Thu Jun 20, 2019 10:37 am
Forum: Canada / United States Tax & Accounting
Topic: TD Now Allows Mutual Funds for US RRSP Holders
Replies: 4
Views: 2264

Re: TD Now Allows Mutual Funds for US RRSP Holders

FYI - I ended up buying a Vanguard Canadian Bond ETF (VAB) instead, due to lower expense ratios. Commission was $9.99. I like this because it is difficult to get Canadian market/dollar exposure in the U.S. Vanguard's been in Canada a few years now and offers primarily ETF's. You can buy them like an...
by Jojo
Mon Jun 17, 2019 1:09 am
Forum: Canada / United States Tax & Accounting
Topic: TD Now Allows Mutual Funds for US RRSP Holders
Replies: 4
Views: 2264

Re: TD Now Allows Mutual Funds for US RRSP Holders

This is TD Direct Investor Services. What you say surprises me. Back in the day, say 2005-ish, when I first started to trade in the RRSP as a US resident, TD told me that only US-listed securities could be traded eg stocks and individual bonds. I wasn't thrilled with the commissions they charged so ...
by Jojo
Thu Jun 06, 2019 11:28 pm
Forum: Canada / United States Tax & Accounting
Topic: TD Now Allows Mutual Funds for US RRSP Holders
Replies: 4
Views: 2264

TD Now Allows Mutual Funds for US RRSP Holders

FYI, TD now allows US residents to trade Canadian mutual funds in their RRSP's. Back in the day they did not.
by Jojo
Wed May 29, 2019 11:30 am
Forum: Canada / United States Tax & Accounting
Topic: RPP Withdrawals
Replies: 4
Views: 2194

RPP Withdrawals

How are distributions to a US resident from a defined contribution RPP taxed by IRS? Is it a) on the full amount of the distribution b) only on the growth accumulated after US residency was established, like an RRSP c) something else? Scenario: Defined contribution Canadian RPP accumulated for 6 yea...