Search found 13 matches

by Cdninga
Tue Mar 19, 2024 5:31 pm
Forum: Canada / United States Tax & Accounting
Topic: Turbo tax
Replies: 1
Views: 82

Re: Turbo tax

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 ...
by Cdninga
Tue Mar 12, 2024 10:54 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP tax implications for resident of Georgia
Replies: 2
Views: 96

Re: RRSP tax implications for resident of Georgia

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...
by Cdninga
Fri Mar 31, 2023 9:29 pm
Forum: Canada / United States Tax & Accounting
Topic: Reporting for RRSP GIC on Form 8938 and FBAR
Replies: 3
Views: 3394

Re: Reporting for RRSP GIC on Form 8938 and FBAR

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.
by Cdninga
Sat Mar 04, 2023 11:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Types of Investing Accounts to Keep or Close
Replies: 1
Views: 638

Re: Types of Investing Accounts to Keep or Close

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,...
by Cdninga
Thu Mar 02, 2023 5:33 pm
Forum: Canada / United States Tax & Accounting
Topic: RRSP/LIRA withdrawal by non resident
Replies: 16
Views: 4027

Re: RRSP/LIRA withdrawal by non resident

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.
by Cdninga
Wed Feb 23, 2022 6:00 pm
Forum: Canada / United States Tax & Accounting
Topic: Form 8938 needed for Canadian RESPs and RRSPs?
Replies: 4
Views: 1759

Re: Form 8938 needed for Canadian RESPs and RRSPs?

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...
by Cdninga
Sat Feb 12, 2022 11:09 am
Forum: Canada / United States Tax & Accounting
Topic: RRSP/LIRA withdrawal by non resident
Replies: 16
Views: 4027

Re: RRSP/LIRA withdrawal by non resident

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.
by Cdninga
Sat Nov 20, 2021 9:53 pm
Forum: Canada / United States Tax & Accounting
Topic: Transferring RRSP While Non-Resident
Replies: 24
Views: 5979

Re: Transferring RRSP While Non-Resident

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.
by Cdninga
Mon Jan 11, 2021 5:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Trading in my RRSP while in the US
Replies: 11
Views: 4987

Re: Trading in my RRSP while in the US

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...
by Cdninga
Thu Aug 27, 2020 10:23 am
Forum: Canada / United States Tax & Accounting
Topic: CPP Direct Deposit US
Replies: 2
Views: 1457

Re: CPP Direct Deposit US

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...
by Cdninga
Wed Jul 15, 2020 8:22 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and RRIF Distributions
Replies: 7
Views: 2790

Re: CPP and RRIF Distributions

I will re-look at the OAS paperwork. When I looked into it previously, I determined that I was not eligible based on not being in Canada for the required 20 years.
by Cdninga
Sat Jun 27, 2020 9:58 am
Forum: Canada / United States Tax & Accounting
Topic: CPP and RRIF Distributions
Replies: 7
Views: 2790

Re: CPP and RRIF Distributions

Thanks for your response. I think I will start taking CPP payments this year as it will allow me to recoup a little more of the foreign tax credit that I'm due from my RRIF distributions. My RRIF contains funds from both a personal RRSP and a LIRA. I have read many of your posts over the past few ye...
by Cdninga
Thu Jun 25, 2020 6:43 pm
Forum: Canada / United States Tax & Accounting
Topic: CPP and RRIF Distributions
Replies: 7
Views: 2790

CPP and RRIF Distributions

I moved from Canada to the US over 30 years ago and have been a US citizen for a long time. While in Canada I worked for 5 years and am now eligible for CPP payments. I also had an RRSP that I converted to a RRIF last year and must start taking distributions this year. I plan to withdraw less than 1...