Search found 9 matches
- Thu Feb 13, 2020 3:03 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Stranded RESP earnings / Transfer to RRSP
- Replies: 1
- Views: 2215
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...
- Sat Jan 18, 2020 9:07 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRIF or IRA SEPP for supplemental income?
- Replies: 5
- Views: 2315
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.
- Fri Jan 17, 2020 11:25 am
- Forum: Canada / United States Tax & Accounting
- Topic: RRIF or IRA SEPP for supplemental income?
- Replies: 5
- Views: 2315
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contributions (one of which was LIRA from a Canadian DB pension rollover in 2016), so why wouldn't the entire amount withdrawn be subject to US tax?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...
- Tue Jan 14, 2020 6:33 pm
- Forum: Canada / United States Tax & Accounting
- Topic: RRIF or IRA SEPP for supplemental income?
- Replies: 5
- Views: 2315
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 ...
- 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: 2934
- 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: 2934
- 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: 2934
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...
- 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: 1769
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%...
- 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: 1769
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...