Serbinski Accounting Firms

My wife is listed as a beneficiary in my RRSP account. Is she considered as having a financial interest in my RRSP account? Do I report the account as “Owned Separatelyâ€￾ or “Owned Jointlyâ€￾ when filing form TDF 90-22.1 Rev October 2008? Thanks..

Thanks Nelson.

I think I am ready to make the elections by submitting the 8891s and the rev proc 02-23 statements. I am also thinking about not claiming back the taxes I paid on the 1099s.

1. In order to make sure that this goes through without any glitches, I just want to make sure the following is correct. On the 8891s, since no funds were received, withdrawn, transferred, etc, from the RRSPs, I should answer 7a and 7b with “$0â€￾, add the plan balance to #8, and skip #9 & #10. Please advise..

2. Since it seems that any glitches with filing the amendment could cause the IRS to say that these were not filed in a timely manner, I am thinking about NOT claiming back the taxes I paid on the 1099s div/int (at least not for now). Instead, I would make the 1040X state no changes to income, taxes, etc…

For #2 above, I am not sure if I understood your comment. Because I went back to 1998 with my TD 90s, does this mean that I have to report/declare/elect/defer my RRSPs since 1998 too, or just go back 6 years?

Fpr #4 above, sorry!! I thought that you're a member of Serbinski's organization.

Thanks, Nelson. This is great, and it’s clear to me now. I am sure that no taxes (Canadian and/or IRS) were withheld in Canada. I will follow up with the broker in Canada. I will also file 1040X (with 8891) to differ taxes on dividends/interest and also claim back taxes paid earlier to the IRS in ...

Nelson, many thanks for the feedback. Like how one of your clients previously stated: “our heads are spinningâ€￾ and you’re helping us getting things in order. If you don’t mind, I have a couple of follow up questions. Sorry if some of the questions are repeated from previous postings.

1. Where can I get a copy of Rev. Proc 02-23? I couldn’t find it on irs.gov.

2. Not knowing what the filing requirements were, I recently filed TD 90 for the past 10 years (98 through 07)!! How does this affect filing RRSP elections?

3. Where can I get past daily exchange rates? The only site I know of is the Federal Reserve one. But this site gives only 1 exchange rate per year for past years. Is that sufficient for 8891 purposes?

4. How much do you charge for completing 1 year’s work for filing 8891, including letters, 1040X, etc? If it’s cost-effective, then perhaps this is the best course of action for clients who want to avoid mistakes, i.e. using the work you do as a template for other years. As it is now, we’re behind with our filings, so we’re already at a disadvantage with the IRS.

Thanks for the feedback. 1. I will check with the broker re w8-ben. Are you saying that a w8-ben should, or should not, have been filed? 2. No taxes withheld in Canada. 3. I gather from your repsonse that this should not have happened. Any suggestions on how to move forward? 1040X? Do I need 1099s f...

I live and work in the U.S. only. Over the past 2 years, I received 1099-DIV and 1099-INT from the bank in Canada where my RSSP/LIRA accounts are held. According to the bank, this is a new IRS requirement. The 1099-DIV had ordinary dividends reported on lines 1a and 1b (same figures), and the 1099-I...

Can RRSP accounts be trasferred tax-free to U.S. retirement accounts?

Is a 1040X needed to file a Rev. Proc. 02-23 statement or a 8891?

Mark, Nelson,

Thanks for the valuable information you post on your forums. I am like many of your forums members where I have unintentionally not filed my 8891’s. I will file for years 2002-2006 soon. As a follow up to the recent posting on this topic, I need your assistance with the following. Correct me if I am wrong where applicable.

1. For 2002 & 2003, I don’t need form 8891, but I need to send a statement to elect/differ interest/dividends. Are your templates posted on “canadatotwincities.com\taxes\rrsps,the tax treaty, the messâ€￾ still valid? If not, please advise on where to find sample templates.

2. For 2004 – 2006, I will file form 8891.

3. In 2004, accounts were rolled-over (tax-free) from one bank to another. Do I need to send “Transfer type electionâ€￾ statement with form 8891?

4. For 2002-2006, do I still need to send an updated schedule B where I answer “yesâ€￾ to question 7a?

5. One of my retirement accounts in Canada is Locked-In Retirement Account (LIRA). Does this also require election and differing of taxes? What should I select on form 8991 for this type of account, RRSP or RRIF?

6. Where do I have to send all the above to?

Many thanks for your assistance in advance.