Hi,
Hopefully this is an easy one for somebody ...
In Canada, account management fees for fee-based RSP's (i.e. not commission-based) are generally tax-deductible. After I move to the US and file my RSP under form 8891, are the fees tax-deductible stateside?
Thanks!
US Resident Tax on Managed RRSP Account Fees?
Moderator: Mark T Serbinski CA CPA
Sure. as long as you pay them from outside your RRSP.
Unfortunately, they are part of the miscellaneous expenses that only get a deductuion when they total more than 2% of your income, and then only if you itemeize.
You maight just want to let the expense be takeen internally from your RRSP, as this wil lreduce its US taxability in the future.
Unfortunately, they are part of the miscellaneous expenses that only get a deductuion when they total more than 2% of your income, and then only if you itemeize.
You maight just want to let the expense be takeen internally from your RRSP, as this wil lreduce its US taxability in the future.
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