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I have foreign source income (distribution - less than $6,000 - from my Canadian employer’s pension plan). The tax deducted at source is 25%.

If I include this gross distribution amount in my 1040, the tax I owe goes up by $2000 - thus total tax paid on my foreign income (including the tax at ...

Thanks Nelson!

Do I have to (or is it advisable to include) my T4 that indicates this income with my tax forms?

I am US permanent resident and trying to compute foreign tax credit on form 1116.

My previous employer in Canada no longer exists and since their pension plan is also closing, I received a lump sum distribution of US$ 5,480. The NR tax (25%) was withheld at source (US$1,370).

A. I am unable to ...

Thanks Nelson!

Will there be any IRS penalties if I receive any distribution from my previous employer's pension plan? I never knew that I would be eligible to get any distribution, did not have the details of it and hence never filed the form 8891 for it (but I have filed it for my RRSP that I still have in ...

After doing some search on this forum, I think these are the answers to Schedule B Part III in my case - Can anybody please confirm?

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- the question 7a (i) is "Yes" in my case.
- the question 7(a) - ii --> "No" (I do not have to file form TD F 90-22.1 ...

I am a Canadian residing in the US for the last several years. I have a RRSP account in Canada (value less than US$ 10K). I have never declared that in Schedule B part III (thinking that signature authority means having a checking account). I've always indicated that I never had any financial ...

If you were a NR of Canada for tax purpose in 2009, you need to show only the income from Canadian sources for that year. Yes you are right, the credits would be prorated. Others will be able to comment on your RRSP related question.

[quote="nelsona"]"Most mutual fund companies will deal with your RRSPs while in the U.S. "

This depends what you call a 'mutual fund company'. If it is the brokerage firm associated with the fundco, they may be set up to do this. But an account which buys mutual funds from a specific family (eg. TD ...

Okay, so I need to transfer it to the self directed RRSP with TD Waterhouse.. This should be easy since I already have an account with TD bank. What I do not understand in your reply is this part: "with a brokerage that is licenced to manage your RRSP in the state you live in".

My RRSP account is ...

I live in the US and I have an RRSP GIC account in Canada with TD bank. The interest I earn is less than 4% (in a GIC). The bank says that I cannot have any other investment options than having a GIC - since I live in the US. This is difficult for me to believe. Do I have any other investment ...

Thanks guys. I was not in CA when I filed the 1040NR in 2004. I started filing the normal 1040 (as a resident) since 2005 and hence will be filing the 8891s for 2005 onwards.

[quote="nelsona"]Yes.[/quote]

Last question:

Since I have not collapsed my RRSP yet, the lines 7a and 7b of the 8891 will be "$0", am I right? Or do I have to write the interest amount that was accumulated, but never received? (stayed within the RRSP).

Gee, this is far tidious than I previously ...

[quote="nelsona"]Since a 1040NR implies that you are not reporting foreign income, then your RRSP income is not yet subject to US tax and thus no election was required, nor was there a need to file 8891.

Your deferral begins with the 2005 tax year (you would indicate this on your 8891).

Your basis ...

RRSP question:

Here is my situation:

Please correct me in case I am doing something wrong.

I had an RRSP GIC since 2003 (Balance is leass than $10K since the start date). I entered US in mid 2004. I have filed the tax returns as follows:
(ALL without the 8891s, since I did not know about this ...