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Currently a US citizen and resident who has made withdrawals from a Canadian RRSP in 2022. What documentation should I expect from the Canadian financial institution with respect to foreign income and foreign income tax credit?

Of course the bank(s) knew. They've been sending me quarterly reports for the last 20 years.

I'll give TD Direct a call.

A colleague suggested I forget about the funds entirely like he did... not worth the grief extracting it.

Consider this. Of my untaxed retirement savings roughly 20% is in Canada. Suppose I cash 100% of Canadian RRSPs today and subject to the 25% withholding for Canada. Sure, the tax credit will be more than the extra US taxes, but I'd have 10 years to liquidate those credits against taxes incurred agai...

Ok, fine. The banks wont do it. What are these 'brokerages' you speak of?

Both the National Bank and the Royal Bank tell me that RRSP to RRIF conversions are not allowed for non-residents who don't already have an RRIF account. A senior officer at CRA confirmed.

As I understand it, taxes withheld and paid to Canada, are applicable as tax credits against payable US income tax. Can unused credits carry forward into future years?

Time has finally come to withdraw Canadian retirement funds as a non-resident living in the US. Is this information given in 2014 still accurate? "I'll put aside the issue of "waiting" to take SS/CPP/OAS for now. For OAS you will get XX/40ths of the monthly payment, where XX is the ye...

My wife and I are solidifying plans to move back home to Canada. We'd be reneging our US citizenship in order to avoid double taxation. How would withdrawals from substantial US IRA savings be handled?

Thanks. That helps a lot.

[quote=jcyr post_id=50660 time=1545943919 user_id=9234]
Maybe someone here will can enlighten me how payments
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social security payments

Retired, dual-citizen, qualified for both USA and Canada social security, living of savings till about ~67 to maximize soc. sec. Maybe someone here will can enlighten me how payments from both countries will 'blended'? I understand that I will not receive the sum both. Secondly, I'm having a hell of...

One final question. Are RRIF and LIF funds restricted to Canadia equities?

Ok, I'll have to bow to your rational arguments. In my defense I'll point out that these funds make up only a small portion of my retirement capital, and have become more of a nuisance than anything else!

Sigh...

Thank you all for the information. I still don't understand how provincial jurisdiction applies to LIRA conversions? I'm not resident of any Canadian province. I reside in the US. So 15% vs 25%? I still think taking the 10% hit up front might be a better choice. It liberates locked in funds, allowin...

[quote]If you choose to do as you are saying, yes, the Cdn tax will be 25%, and the taxable portion of your RRSP, and ALL of your LIRA will be taxable in US.[/quote] What do you mean by 'taxable portion of RRSP', isn't it ALL taxable? Also I understood that I had to convert to an annuity to get the ...