Serbinski Accounting Firms

Thank you so much.

I'm trying to figure out what to enter on line 9 of the 8891 (contributions to the plan during the year). Do we enter the total of all contributions, employee and the employer match? When I was filling out the info for this on Turbotax, I did not even get asked a question about contributions made, a...

Thank you.

Thanks. How likely is it that we would be taxed by both the US and Canada for those deductible contributions (through employer) someday? Would the foreign tax credits, etc. prevent double taxation?

Thank you for your quick reply! Makes a ton of sense.

Thank you again for the very helpful information.

As far as future taxation, do you think it makes sense to try to spread our investments equally between the RRSPs, or to put the bulk into mine due to the Section 217 rule possibly being applicable?

Thank you. Is a spousal RRSP considered private no matter what? For example, my husband's employer-sponsored plan is at RBC? If I open a spoual RRSP at RBC, I am thinking this is considered private? Thanks again.

Well, we have been approved for permanent residency and the whole process should be finished soon. I'll have my own SIN, and can open a spousal RRSP. Considering some of your past advice, and some things I read in the Border Guide, I'm wondering if there is a way to structure this so that future tax...

Thanks. Sorry for misunderstanding--like I said, I'm not trying to be dense--I genuinely just misunderstood you.

[quote="nelsona"]No need to track CONTRIBUTIONS to ana amployer plan after 2008. This applies reghardless of where you retire. US citizens are taxable wherever they live. When you retire, your pensions will be your main source of income, and will be reportable in both US, AND in canada.[/q...

OK, so you're saying no need to track plans to an employer RRSP after 2009? Am I misunderstanding?

Also, this scenario if for people retiring in the US, right? I assume it's all different if we retire in Canada?

I am writing this down and had one more question as to what contributions are deductible and which are not. When you say the ones made through the employer are deductible, does this include the employer match or not? Am I understanding correctly that if we make extra contributions through the employ...

One more question. In your first reply on this thread, you said the US tax liability is calculated purely on RRSP contributions. This seems like it could be great for a US citizen with an RRSP who retires in the US. I would think the amount I contribute to an RRSP will be much lower than the total a...

Hey Diane, if you find it too intimidating, remember there are people you can hire to do it for you. Depending on whether it's cost-effective and worth it to you.

[quote="nelsona"]One should ALWAYS keep all RRSP statement regardless. However, US taxapayers need to do a little more to keep track of contributions for US purposes. The 8891 form itself does not hold all the required information one will need to accurately determine US tax liability of o...