Serbinski Accounting Firms

Fantastic information.
thanks for the reply nelsona,
always appreciated, never expected.

I have a question about still needing to include Form 8833, as it relates to deducting RRSP contributions from my T4 Canadian wages, that I report on my US Tax Return. In previous years, I had filed Form 8833 with my US return, to explain that I was deducting my current-year RRSP contributions from ...

Thank you very much for the reply and information.

Seth

Hi, I have an RRSP account through SunLife from my job, and I checked with them and they told me that I am an "annuitant" under the plan. But, I do see that on previous posts on this forum, there is advice to always use "beneficiary" on the form 8891, so I'm wondering if someone ...

Hi Nelson I have another followup question: If I were to submit a statement saying that I'm conforming to RP 2002-23 for my DPSP, would I do that on form 8833? And if so, would that be an election under either section 6114 or 301.7701(b)-7? (I am a US citizen working in Canada under a work permit) I...

Thanks very much, I think I'll sleep better either way now.

Hi Nelsona,

Thanks for the reply. I do have a followup question. I had previously read through this RevProc 2002-23 from the IRS (which may be outdated now, but I'm not sure).

Section 3 below lists "deferred profit sharing plan", which is why I thought I would need to file an 8891, but is this a reference to some different type of DPSP, or is there something in the nature of my type of DPSP being a Canadian Pension Plan that exempts it from any reporting or tax deferral elections for the US, (like those in place for RRSPs).

I think some of my confusion is coming from my not knowing if there is only 1 type of a DPSP in Canada, or if there are multiple ways a DPSP can be registered in Canada, and then subsequently viewed by the IRS for tax purposes?

Thanks in advance for your time,


SEC. 3. SCOPE
This revenue procedure applies to an individual who is a citizen or resident of the United States and a beneficiary of one of the following Canadian plans (an “eligible planâ€￾): a RRSP, a RRIF, a registered pension plan, or a deferred profit sharing plan. This revenue procedure applies regardless of whether the individual was a resident of Canada at the time contributions were made to the eligible plan. For purposes of this revenue procedure, a “beneficiaryâ€￾ of an eligible plan is an individual who would, in the absence of an election under Article XVIII(7) of the Convention, be subject to current United States income taxation on income accrued in the plan. The revenue procedure applies only to income accrued in an eligible plan and not to any contributions to the plan.

Hi, I've read through the forums, but can't find an answer to my specific RRSP/DPSP US reporting requirements question: I am a US citizen working in Canada for a Canadian company. Through my work I have a Group RRSP plan, which includes a DPSP plan where the employer contributes a match to my RRSP c...