Form 8891 and RRSP Rollover

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Alta_Al
Posts: 8
Joined: Thu Apr 05, 2007 12:07 am
Location: PAC West

Form 8891 and RRSP Rollover

Post by Alta_Al »

I have 2 RRSP's that in previous years I have elected to defer the tax on the undistributed earnings. In 2007 these RRSP's were rolled over into 2 different RRSP investments with the same bank, but now have different account numbers than the ones I previously elected.

Now I am confused as to how to answer questions 6a.

[quote]Have you previously made an election under Article XVIII(7) of the U.S.-Canada income tax treaty to defer U.S. income tax on the undistributed earnings of the plan?[/quote]

Technically I have not elected to defer the new RRSP account; however, there was an election on the source of these funds (old and now closed RRSP account).

Thoughts anyone?

Thanks,

Al
nelsona
Posts: 18677
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You need 4 8891's. The 2 old accounts should indicate ZERO funds at year end, with a note indicating they have been transferred to yyy. The nEW ones should have a note that they were transferred from xxx.

The year of election for the new accounts is 2007.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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