This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
I just realized after the facts that one of my RRSPs was a DPSP. My employer contributed 1.5 % of my salary while I was in Canada. I received a T4A from CRA upon withdrawal. I withdrew it 6 days after I became a US resident. Now I need to amend my tax return.
Is it taxed the same way as an RRSP in the US? Do I indicate that it is a DPSP on my tax return?
This 100% taxable in US and canada.
In canada it will be flat taxed (25%), so should not go on your return.
It is pension income, not RRSP.
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
That's not good for me... Do I use forms 8891 and 1116 to report it?
If I have to use form 8891, then the total of distributions would be taxable on 7b?
Thanks again for your help.
You use 1040 to report it. Its a pension, not an RRSP. You use 1116 to get credit for the Cdn tax.
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