Search found 27 matches
- Sun Feb 23, 2020 5:11 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CDN non resident tax withheld on LIF/RIF withdrwals
- Replies: 1
- Views: 2608
CDN non resident tax withheld on LIF/RIF withdrwals
I am a US resident retired and making periodic and lump sum withdrawals from my RIF and LIF and subject to a 15 % tax witholding by CDN government upon withdrawal. I do not file CDN tax returns. How much can I take out from each before the withholding increases to 25%. I think I understand RIF but a...
- Sat Jan 04, 2020 4:20 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CPA/CA=FLORIDA
- Replies: 0
- Views: 7493
CPA/CA=FLORIDA
Any recommendations for A CPA in the Orlando area who is familiar with US tax reporting requirements for CDN sourced income.
File US returns only, but income primarily CDN based, i.e. O/A, Pension Plan and RIF and LIF withdrawals.
US/CDN citizen residing in US.
Thank you
File US returns only, but income primarily CDN based, i.e. O/A, Pension Plan and RIF and LIF withdrawals.
US/CDN citizen residing in US.
Thank you
- Wed Sep 04, 2019 7:12 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RIF withdrawals, US taxability
- Replies: 3
- Views: 2083
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...
- Fri Aug 30, 2019 3:02 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RIF withdrawals, US taxability
- Replies: 3
- Views: 2083
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...
- Sun Feb 10, 2019 4:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: LIF/ 50% one time withdrawal
- Replies: 7
- Views: 3032
Re: LIF/ 50% one time withdrawal
Thank you
- Tue Feb 05, 2019 12:40 pm
- Forum: Canada / United States Tax & Accounting
- Topic: LIF/ 50% one time withdrawal
- Replies: 7
- Views: 3032
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<
Does that make sense?
THANKS AGAIN<
- Mon Feb 04, 2019 3:43 pm
- Forum: Canada / United States Tax & Accounting
- Topic: LIF/ 50% one time withdrawal
- Replies: 7
- Views: 3032
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
US resident and no longer pay tax in Canada. Is that transfer tax free?
I already maxed out my 15% withdrawals.
Thank you
- Thu Jan 31, 2019 3:22 pm
- Forum: Canada / United States Tax & Accounting
- Topic: LIF/ 50% one time withdrawal
- Replies: 7
- Views: 3032
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...
- Tue Nov 01, 2016 1:28 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US/CDN citizen with RRIF and LIF
- Replies: 14
- Views: 6690
Thank you again
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: 6690
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
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
- Mon Oct 31, 2016 3:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US/CDN citizen with RRIF and LIF
- Replies: 14
- Views: 6690
Nelsona, thank you !!
thank you !!!!
- Mon Oct 31, 2016 2:29 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US/CDN citizen with RRIF and LIF
- Replies: 14
- Views: 6690
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 doe...
- Mon Oct 31, 2016 1:49 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US/CDN citizen with RRIF and LIF
- Replies: 14
- Views: 6690
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...
- Fri Oct 28, 2016 1:14 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US/CDN citizen with RRIF and LIF
- Replies: 14
- Views: 6690
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...
- Fri Jan 29, 2016 9:10 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Sale of US property
- Replies: 1
- Views: 1444
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...