Serbinski Accounting Firms

January 7, 2009 I am a U.S. citizen resident and I have a tax return question related to the calculation of the foreign tax credit for a distribution from a Canadian RRSP. If we assume the following facts: a) A Canadian RRSP is collapsed and the total distribution is $20,000 U.S. to be reported on l...

I would like to verify my understanding of the following issues related to this topic and ask a few questions. I moved to the U.S. from Canada and have subsequently become a U.S. citizen. 1) I believe that the U.S. cost basis in a Canadian RRSP that contains only savings accounts and CDs at the time...