Search found 272 matches

by eortlund
Mon Apr 25, 2016 12:58 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

If we end up owing money to the IRS on the RRSP withdrawals even after accounting for Canadian tax, can we use our excess carryover foreign tax credits from past years to offset?
by eortlund
Mon Apr 25, 2016 12:18 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Figured that would be the case! Hopefully the house will sell!
by eortlund
Mon Apr 25, 2016 12:08 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Thanks!

If house doesn't sell and we get renters, might want to do section 216 as well to recoup some of the 25% tax on rental income.
by eortlund
Mon Apr 25, 2016 11:58 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Got it, I think. So second 217 return is part of non-resident return filed in 2018 for 2017 tax year.
by eortlund
Mon Apr 25, 2016 11:45 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Sounds like a good plan. So then in 2017, do departure return and include a separate 217 return in mailing?

In 2017, take out rest of RRSP and can do an immediate second 217 return or would that be done in 2018?

Good point that I might start working once our family is settled.
by eortlund
Mon Apr 25, 2016 11:21 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Leaving this August 2016. Thought next Canadian tax return due in 2017.
by eortlund
Mon Apr 25, 2016 11:16 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

OK so if I have to do section 217 manually, just include in departure return mailing? Any opinion on whether it is worth it for my husband to do a section 217 return? RRSP worth 40k as well. Canadian income mid 50k, moving to uk in August where income will be mid-40k (they provide housing). If no se...
by eortlund
Mon Apr 25, 2016 10:48 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Would I send in my departure return in 2017, and then send in a separate 217 return? If I split it into two withdrawals, any guesses how much I might get back?
by eortlund
Mon Apr 25, 2016 9:34 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

Thank you! I am leaning toward collapsing them though, so as to be done with it. Also if our Canadian house doesn't sell before we go, that $ would help us pay house expenses. Can eventually move money into UK pension, which the government tops up 20%. Wouldn't have to invest so conservatively as we...
by eortlund
Sun Apr 24, 2016 3:58 pm
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

I figured it was probably something complicated like that. Thanks!
by eortlund
Sun Apr 24, 2016 11:22 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 24
Views: 3675

reporting RRSP/RRIF distributions to IRS

I understand that as an American, contributions are tax-exempt while growth is not. This should be easy to calculate if we collapse the RRSP all at once, however, if it happens in stages or periodic payments, how do we determine what is taxable? Will we have to keep complicated spreadsheets?
by eortlund
Sun Apr 24, 2016 11:11 am
Forum: Canada / United States Tax & Accounting
Topic: reporting RRSP/RRIF distributions to IRS
Replies: 2
Views: 760

reporting RRSP/RRIF distributions to IRS

I understand that as an American, contributions are tax-exempt while growth is not. This should be easy to calculate if we collapse the RRSP all at once, however, if it happens in stages or periodic payments, how do we determine what is taxable? Will we have to keep complicated spreadsheets?
by eortlund
Thu Mar 31, 2016 7:04 pm
Forum: Canada / United States Tax & Accounting
Topic: another question on moving rrsps
Replies: 36
Views: 5704

Thanks! I will try to get more info from RBC Direct Investing and see what they say.
by eortlund
Thu Mar 31, 2016 4:29 pm
Forum: Canada / United States Tax & Accounting
Topic: another question on moving rrsps
Replies: 36
Views: 5704

Thanks. It's just that my husband gets paid through July 31 complete with RRSP contributions. So how could that work if we converted to an RRIF before that? We will be in the UK by August 1. Thinking of moving from RBC to RBC Direct Investing. They said i'd have to change to an RRIF at the main bran...
by eortlund
Thu Mar 31, 2016 1:38 pm
Forum: Canada / United States Tax & Accounting
Topic: another question on moving rrsps
Replies: 36
Views: 5704

Very good. The bank is saying we have to physically sign papers, which we can do right before we go. But I am wondering if we can move the RRIF somewhere else even once we are gone. It's good to know that these questions won't affect the tax rate we get from Canada as long as we are non-resident whe...