Serbinski Accounting Firms

Thank you for your reply.
Just to confirm the details. The LIRA was combined with the RRSP. The combined RRSP account can be converted to an RRIF. Also, the book value of the RRSP as of the arrival date is excluded from US income tax. Please let me know if I misunderstood anything.

An account owner had an employer pension plan when she worked in Canada. When she left Canada, the employer placed the pension into a LIRA. The account owner then transferred 100% of the LIRA to an RRSP because she became a resident of the United States. The account has been an RRSPs for about 15 ye...

Yes, I meant 15%. Thanks for catching the typo.

Thank you for all of the great information posted on this forum. Your help clarifying details for dual Canadian - United States citizens is appreciated very much. Suppose that an individual is a Canadian citizen and contributed to an RRSP. She later moves to the United States and several years later...