Serbinski Accounting Firms

Suggest moving the funds to a RRIF, you can then withdraw up to two times the annual minimum at a tax rate of 15%. (Assuming you are not in a hurry for the money)

A txpayer moving funds from an IRA to a Roth has the option of either paying tax in 2010, or deferring tax to 2011 and 2012. He must do one or the other, not any combination of the two. However for a couple filing jointly, can one move funds from an IRA to a Roth and pay the tax in 2010, while the o...

I am in the same situation. I found that if your RRSPs are with a broker who is registered in the state you move to you are ok. Otherwise you will be restricted to being able to only sell items, not buy. I moved my accounts from RBC to TD Waterhouse because they seem to be the most familiar with the...

Canadian resident & taxpayer, US Citizen & taxpayer. Received inheritance in UK, put in UK savings account. Exchange rate about 2:1 pounds to US$ at the time. Now want to repatriate funds to US account. Exchange rate 1.5:1. ie the funds have lost about 25% in US$ terms, somewhat less in Cana...

[quote]Dual citizen with RRSPs in Canada. Want to get them out. Understand that lump sum withdrawals are subject to Canadian withholding tax at 25%. If thru a RIF, at 15%, but a maximum of only 10% of portfolio may be withdrawn in any one year. [/quote] Minor correction:- There is no maximum withdra...

However if the funds were moved to a RRIF, the witholding tax would be 15% (on the annual minimum withdrawal at least).

Now children, let's play nice... I think Nelson was trying, obliquely, to draw your attention to the need to ensure that you do inform the IRS of the RRSP funds and obtain their deferral of taxation until withdrawal. (Form 8891). Not doing this could be expensive, as the IRS could claim tax on the p...

Nelson and Mark disagree on the 16b reporting. It seems to me that Mark's approach is the most beneficial, in that it allows for the inclusion of a greater foreign tax credit, even if this only ends up being carried forward to be used at some time in the future.

Nelson - I moved to the US in 1984 with some RRSPs. I have deferred tax all along, but have only back-filled 02-23 with 1040-Xs to 2000. What year should I put in 6b? 1984? 2000? (I don't think there was any official documentation for deferring back then, it was just the accepted thing that accounta...