Serbinski Accounting Firms

Is it possible the CRA is not aware of the 10 year rule?

Thank you for the response.

I'm sure you're correct but it does seem to be too good to be true?

Would it be due to the fact that if CRA does not collect a tax 10 years after assessing it, it can no longer pursue the tax? That I
did read somewhere on the Internet.

Basically, could it be that that at 10 years, the remaining tax becomes due?

My wife and I moved to the U.S. from Canada and performed a Deemed Disposition on our stock portfolio. We transferred our stocks from Canada to a U.S. broker We elected at that time to defer payment of tax on the income from the deemed disposition until we actually disposed of the stocks in the U.S ...

Basically the taxable amount on the distribution is the proportion due to gains in your RRSP. If 1/2 the value of your RRSP was due to gains and the other 1/2 due to contributions, then the taxable amount on your distribution would be 1/2 the distribution.

Assuming this is correct?

I calculated a factor F = (V-C)/V where V is the current value of the RRSP, C is to total contributions.

Then that factor F was multipled by the amount of the distribution to arrive at the taxable amount on line 16b

I basically don't want to open up a can of worms if I don't have to. But I also obviously want to do the right thing. Perhaps I'm being hyper-anal. idk.

I received a distribution from a Canadian RRSP in 2011. When filing my U.S. taxes this year, this distribution was declared on Form 8891 and line 16a on Form 1040. Perhaps due to an oversight on my part, the checkbox on line 8 in Part III of Schedule B was ticked off as NO instead of YES. This shoul...