Search found 25 matches

by artistic95
Wed Sep 04, 2019 7:12 pm
Forum: Canada / United States Tax & Accounting
Topic: RIF withdrawals, US taxability
Replies: 3
Views: 96

Re: RIF withdrawals, US taxability

Nelsona, I have read your responses and personally understand the tax treatment of deferring the taxability of RIF withdrawals because of your initial capital investment,i.e. not all RIF withdrawals are fully taxable.. However , is there a specific section in the US/CDN tax treaty that spells that o...
by artistic95
Fri Aug 30, 2019 3:02 pm
Forum: Canada / United States Tax & Accounting
Topic: RIF withdrawals, US taxability
Replies: 3
Views: 96

RIF withdrawals, US taxability

I am retired and a US/CDN citizen living in US. I am withdrawing monthly from my RIF, some of which is non-taxable (return of investment) and a portion is taxable (gain on original investment), These contributions to RRSP /RIF were tax deductible when made and I was working in Canada but were not de...
by artistic95
Tue Feb 05, 2019 12:40 pm
Forum: Canada / United States Tax & Accounting
Topic: LIF/ 50% one time withdrawal
Replies: 7
Views: 279

Re: LIF/ 50% one time withdrawal

Nelsona, I am talking about a one time transfer tax -free from a LIF to a RIF of 505 of LIF to reduce the amount restricted in the LIF.

Does that make sense?

THANKS AGAIN<
by artistic95
Mon Feb 04, 2019 3:43 pm
Forum: Canada / United States Tax & Accounting
Topic: LIF/ 50% one time withdrawal
Replies: 7
Views: 279

Re: LIF/ 50% one time withdrawal

Nelsona, Thank you, Apparently I can apply to financial institution for a one -time TRANSFER to my RRIF from my LIF since I am a
US resident and no longer pay tax in Canada. Is that transfer tax free?
I already maxed out my 15% withdrawals.
Thank you
by artistic95
Thu Jan 31, 2019 3:22 pm
Forum: Canada / United States Tax & Accounting
Topic: LIF/ 50% one time withdrawal
Replies: 7
Views: 279

LIF/ 50% one time withdrawal

I am a US/CDN retired citizen living full time in US. No longer required to file CDN tax returns. Have both a RIF and a LIF. Understand there is a one time 50% withdrawal or transfer to RIF from LIF allowable. Are there any tax implications? Does it effect normal minimum or maximum annual withdrawal...
by artistic95
Tue Nov 01, 2016 1:28 pm
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2129

Thank you again

Artistic95
by artistic95
Tue Nov 01, 2016 12:38 pm
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2129

Nelsona, thank you again

you advise I can withdraw up to the higher of 10% of 1/1 balance or twice the minimum to maintain 15%withholding.

Is there a difference if between a LIF or a RRIF ?

Is there a maximum of a RRIF or LIF that can be withdrawn and at what tax rate if I chose to c collapse them?
Thank you
Artistic95
by artistic95
Mon Oct 31, 2016 3:32 pm
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2129

Nelsona, thank you !!

thank you !!!!
by artistic95
Mon Oct 31, 2016 2:29 pm
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2129

Nelsona, thank you

[quote="nelsona"]1. You are allowed to withdraw the larger of: 10% of the year-beginning value, or twice the minimum, and still retain the 15% withholding rate. 2. For Canada, unless transferred to your spouse, they will be collapsed and taxed at death. Where the proceeds go from there doesn't matte...
by artistic95
Mon Oct 31, 2016 1:49 pm
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2129

Nelsona, thank you. I have designated beneficiaries on both accounts, one being Canadian resident, US citizen and the other being split between above mentioned beneficiary and a US citizen resident. What Canadian tax factor withholding rate is used upon death by the Canadian government when these tw...
by artistic95
Fri Oct 28, 2016 1:14 pm
Forum: Canada / United States Tax & Accounting
Topic: US/CDN citizen with RRIF and LIF
Replies: 14
Views: 2129

US/CDN citizen with RRIF and LIF

I am a US resident citizen and also a Canadian citizen with RRIF and LIF at TD WATERHOUSE. which were created from my working days in Canada. I have been withdrawing my annual monthly minimum requirements. And having them sent to me in US after a 15% withholding by Canada. Question #1--How much mone...
by artistic95
Fri Jan 29, 2016 9:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Sale of US property
Replies: 1
Views: 484

Sale of US property

I am a resident of Canada, US and Canada dual citizen, selling investment/vacation real estate located in US. I understand there might be a withholding by IRS of part of proceeds since I am not a resident of US. I do file US tax returns. Can anyone clarify that? Also, would your answer be any differ...
by artistic95
Fri Dec 04, 2015 1:30 pm
Forum: Canada / United States Tax & Accounting
Topic: US Resident RRIF/LIF withdrawals
Replies: 3
Views: 1253

Nelsona, thanks for your response!! With regards to your comment on "other income you have from US etc" is that joint income tax filing income including US social security, wife's income etc>
Thanks again,
by artistic95
Thu Dec 03, 2015 10:23 pm
Forum: Canada / United States Tax & Accounting
Topic: US Resident RRIF/LIF withdrawals
Replies: 0
Views: 1015

US Resident RRIF/LIF withdrawals

As a Cdn Non resident living in the US, my minimum monthly withdrawals from my RRIF and LIF will exceed the revised lower minimum withdrawals for 2015 . I have a 15 % tax withheld at source for all withdrawals. I have been advised, if I choose, I can recontribute the "excess" withdrawals to my RRIF ...