Serbinski Accounting Firms

Here is my flow chart that I use in Turbotax for my RRSP/RRIF accounts: Under Federal taxes, interest and dividends, click on 1099-OID, Foreign Accounts Check the box "owned or signed on a foreign bank, broker, etc On the page "Tell us about any foreign bank accounts", check the box, ...

The only thing I would add is that the amount that you claim as income on your US return is your gross amount withdrawn (before tax) minus your cost basis in the RRSP on the date you moved to the US.

You pay tax in the US on QPP/CPP/OAS payments. The income is treated as Social Security for tax purposes. There are no taxes to be paid in Canada on this income as you are a non-resident. I'm not sure about QPP but for CPP and OAS, you can have the payments direct deposited into your US bank in US f...

I too have a RRIF in Canada which is held by Scotia Wealth Management in Montreal. I have been taking out 10% of my RRIF every year since 2020 and Scotia has been deducting the correct 15% NR withholding for the CRA. I suggest that you get your Scotia advisor to raise the issue up the chain of comma...

I agree with Nelsona on using option 4. I converted my RRSP to a RRIF three years ago and have been taking the maximum allowable distribution every year to keep the tax rate at 15%. (Distribution not to exceed 10% of RRIF plan total at the start of the year). If I lump together my RRIF distribution,...

Turbotax works well for RRIF, CPP/OAS distributions. The RRIF distributions go under Retirement Plans and Social Security --> Canadian Registered Pension Plans. CPP and OAS distributions go under Retirement Plans and Social Security --> Social Security. Form 1116 is trickier. You must put the taxes ...

I moved from Canada to Georgia 35 years ago and I've had an RRSP, now a RRIF, for the entire time I've been here. There are no Georgia-specific taxes on RRSP's/RRIF's. I fill out Federal Form 8938 and the FBAR every year showing the specifics of the Canadian account. There are no tax implications un...

I don't think the IRS cares what in the RRSP, they only want the see the total funds parked outside the US. I'd continue to submit the aggregate amount in the RRSP and not break out the GIC separately.

Here is the link to the FBAR section of the IRS website. https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar Who Must File A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate,...

In my case, Scotia does a wire transfer once a year from my RRIF account to my US bank account. 2023 will be the fourth year that they've done the transfer. First, they do a conversion from CAD to USD and then they wire transfer the USD to my bank.

What specifically do you need clarification on? The IRS instructions are pretty clear. A United States person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report: a financial interest in or signature or other authority ov...

I am a US citizen and resident and converted my RRSP to a RRIF three years ago. I held my account with Scotia Mcleod and had no issues with them doing the conversion.

I've been a US resident for over 30 years and I transferred my RRSP from BMO to Scotia about 12 years ago with no issues.

I have held onto my RRSP since moving to the US in 1984. I have had it with both BMO and Scotia over this period and have never had any restrictions on buying, selling, etc. I can't speak to other brokerages but you shouldn't have a problem finding one who can manage your portfolio without any issue...

I just finished filling out the same form. For US residents, we just need to fill in the "Bank Sort Code", not the SWIFT Code. This is outlined in the online instructions. https://www.tpsgc-pwgsc.gc.ca/recgen/dd/etranger-abroad-eng.html For most US banks, the "Sort Code" is the 9...