Search found 9 matches

by riskybiz64
Thu Feb 13, 2020 3:03 pm
Forum: Canada / United States Tax & Accounting
Topic: Stranded RESP earnings / Transfer to RRSP
Replies: 1
Views: 2204

Stranded RESP earnings / Transfer to RRSP

When we left Canada for USA over a decade ago, I withdrew all contributions and repaid CESG funds for a family RESP that had been set up for my two children. There was a small amount of RESP earnings that could not be removed from the account (about $1500) that has since grown to around $3500. State...
by riskybiz64
Sat Jan 18, 2020 9:07 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF or IRA SEPP for supplemental income?
Replies: 5
Views: 2278

Re: RRIF or IRA SEPP for supplemental income?

Didn't realize that the RRSP / LIRA distinction was made for US tax purposes. I suppose that makes sense, the RRSP contributions were "my" money, the LIRA rollover was from a non-contributory pension. Thanks for clarifying.
by riskybiz64
Fri Jan 17, 2020 11:25 am
Forum: Canada / United States Tax & Accounting
Topic: RRIF or IRA SEPP for supplemental income?
Replies: 5
Views: 2278

Re: RRIF or IRA SEPP for supplemental income?

Thanks. Am I correct on the US treatment of RRIF withdrawals being taxed only on the earnings portion? There was no tax paid in Canada on the contributions (one of which was LIRA from a Canadian DB pension rollover in 2016), so why wouldn't the entire amount withdrawn be subject to US tax? Seems gen...
by riskybiz64
Tue Jan 14, 2020 6:33 pm
Forum: Canada / United States Tax & Accounting
Topic: RRIF or IRA SEPP for supplemental income?
Replies: 5
Views: 2278

RRIF or IRA SEPP for supplemental income?

US resident (dual citizen, Canadian non-resident) with RRSP assets in Canada and IRA/401k assets in US. Age 55, in US for 14 years now. Almost all "liquid" assets are in tax-advantaged accounts. Plan to retire early at around 60 and start drawing down those funds, but until then, may need ...
by riskybiz64
Thu Jan 26, 2017 5:56 pm
Forum: Canada / United States Tax & Accounting
Topic: opening a LIRA for RPP rollover as a non-resident of Canada
Replies: 7
Views: 2909

Update: followed your "try someone else" advice, got a very helpful TD Investment Rep who a) apologized for his ill-informed colleague, b) told me that although I could not apply online or by phone, I could do by mail, and c) sent me all the required forms, and spent 30 minutes walking me ...
by riskybiz64
Tue Jan 24, 2017 10:33 pm
Forum: Canada / United States Tax & Accounting
Topic: opening a LIRA for RPP rollover as a non-resident of Canada
Replies: 7
Views: 2909

Thanks. I'll try "another person" and see what they say. Other lump sum transfer options include a LIF (probably the same response and I don't want to take RMWs yet), Life annuity issued by an insurance company (not an attractive option, in my view, given current interest rates and general...
by riskybiz64
Tue Jan 24, 2017 4:22 pm
Forum: Canada / United States Tax & Accounting
Topic: opening a LIRA for RPP rollover as a non-resident of Canada
Replies: 7
Views: 2909

opening a LIRA for RPP rollover as a non-resident of Canada

Canadian with green card, resident of US for 10 years, non-resident for CRA tax purposes (I have the letter from CRA to confirm). Looking to roll commuted value of RPP into a LIRA (as one of the prescribed options available for this amount) but my existing SDRSP custodian (TD Direct Investing, fmr T...
by riskybiz64
Thu Jan 19, 2017 6:16 pm
Forum: Canada / United States Tax & Accounting
Topic: lump sum from cdn pension / US early distribution tax 10%
Replies: 3
Views: 1758

Thanks for the quick answer. Following on the above ... I have accumulated a fairly large foreign tax credit carry forward amount (general limitation income) from previous work outside the US ... in the event that the US tax due on the Canadian pension lump sum exceeds the Canadian tax withheld (25%...
by riskybiz64
Tue Jan 17, 2017 6:22 pm
Forum: Canada / United States Tax & Accounting
Topic: lump sum from cdn pension / US early distribution tax 10%
Replies: 3
Views: 1758

lump sum from cdn pension / US early distribution tax 10%

US resident, Canada non-resident for tax purposes. Lump sum commuted value of non-contributory defined benefit pension in excess of what I can roll directly into a LIRA ... I understand that this will be withheld 25% in Canada and an NR-4 issued, and will need to be claimed as pension income on line...