Thanks Nelson!
Appreciate you help on this matter.
Search found 10 matches
- Sat Jan 08, 2022 6:54 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Partial RRIF from an RRSP account
- Replies: 11
- Views: 2978
- Sat Jan 08, 2022 11:30 am
- Forum: Canada / United States Tax & Accounting
- Topic: Partial RRIF from an RRSP account
- Replies: 11
- Views: 2978
Re: Partial RRIF from an RRSP account
Nelson, I converted my RRSP to RRIF in Dec of last year 2021 and my bank is saying I can withdraw 4.17% (based on my age) at 15% withholding tax. The lady at the bank doesn't seem to know as US resident I can withdraw up to 10%. I need the 10% withdrawal at the 15% withholding tax and was wondering ...
- Thu Oct 07, 2021 9:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: Partial RRIF from an RRSP account
- Replies: 11
- Views: 2978
Re: Partial RRIF from an RRSP account
Thanks again for your help! For my understanding let's assume I convert it to RRIF this year and get my 10% on January 2nd of 2022 which will ensure the 15% withheld. What is the rule for the remaining 90% amount if I want to withdraw it with 15% tax withheld. Do I have to wait until the following y...
- Tue Oct 05, 2021 9:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Partial RRIF from an RRSP account
- Replies: 11
- Views: 2978
Re: Partial RRIF from an RRSP account
Thanks Nelsona!
Follow up question : To ensure only the 15% withholding tax I have to withdraw 10% of the RRIF amount this year (assuming I will convert it this month) and the remaining in monthly payment next year?
Thanks in advance.
Follow up question : To ensure only the 15% withholding tax I have to withdraw 10% of the RRIF amount this year (assuming I will convert it this month) and the remaining in monthly payment next year?
Thanks in advance.
- Mon Oct 04, 2021 6:09 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Partial RRIF from an RRSP account
- Replies: 11
- Views: 2978
Partial RRIF from an RRSP account
I am US resident retired and I have RRSP in Canada. Some of it is invested in CD with very small annual return and so I would like to convert it to RRIF and withdraw only 10% to minimize withholding tax. Are we allowed to convert only a portion of the RRSP to RRIF and so I will have an RRSP and RRIF...
- Sun Feb 28, 2021 7:24 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Trading in my RRSP while in the US
- Replies: 11
- Views: 5186
Re: Trading in my RRSP while in the US
Thanks nelsona!
Appreciate your valuable feedback.
Kader
Appreciate your valuable feedback.
Kader
- Fri Feb 26, 2021 3:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Trading in my RRSP while in the US
- Replies: 11
- Views: 5186
Re: Trading in my RRSP while in the US
I am in a similar situation , dual citizen with RRSP account. I have 17K invested in GIC / RRSP with 1% interest ! and would like to move it to a mutual fund that has a descent return. I would appreciate if you can provide few banks/ brokerage that hold a US based brokerage license to allow me to bu...
- Fri Feb 05, 2021 4:55 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RESP Rev Proc 2020-17
- Replies: 14
- Views: 8494
Re: RESP Rev Proc 2020-17
I read the RESP Rev Proc 2020-17 posted above by Nelson and I just want to make sure I understood it. Does it mean that no longer we have to file the form 8938 for the tax year 2020 ?
- Wed Jan 13, 2021 8:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: SSA benefits /windfall provision
- Replies: 3
- Views: 2345
Re: SSA benefits /windfall provision
Thanks Nelsona.
I can understand the QPP/CPP but why is the private pension from the company is deduced from the benefits.
Looks to me like double taxation!
I can understand the QPP/CPP but why is the private pension from the company is deduced from the benefits.
Looks to me like double taxation!
- Wed Jan 13, 2021 3:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: SSA benefits /windfall provision
- Replies: 3
- Views: 2345
SSA benefits /windfall provision
I applied to SSA benefits and because I worked for 10 years in Quebec I am receiving a pension from my company which I understand will be deducted from my SSA benefits (Windfall provision). I have accumulated 19 years of work at the US and hence eligible to collect SSA benefits. My question is does ...