dual-citizn, CDN retirement account

[cooch17]

In broad terms, I'm interested in getting thoughts and suggestions regarding my accounting and "cross-border" tax situation, which has some nuance which complicates it a bit.

Here is a brief summary --

1\ I am a dual US-Canadian citizen, retirement age. While working in Canada during the 1990's (for 6-7 years), I paid taxes to CRA, and accumulated an RRSP (currently >100K CDN). Since I left Canada to work in the US (see below), this account is not active, beyond any market-based changes in value (I've made no withdrawals, and there has been no deposit to the account in >25 years).

2\ I have been a permanent resident in the US (meaning, permanent non-resident of Canada) since 1998, and pay taxes to the IRS in the US. I also file annual FATCA and FBAR forms, acknowledging and quantifying the "foreign" RRSP account.

3\ Since it doesn't appear I'll be returning to Canada at any point soon, I want to make a lump sum withdrawal of the entire RRSP account, and (ultimately) transfer those funds from a CDN bank account to my US account, after paying the 25-30% non-resident withholding tax applies to lump sum RRSP withdrawals to CRA. [I know I can reduce the tax burden somewhat by doing a RRIF conversion, but at this point, I rather pay a bit more to do a lump some disbursement, and get it all over and done with in one fiscal year.]

4\ in the transfer, presumably I'd need a T4RSP slip generated by the firm managing the RRSP (statement of RRSP income and tax withheld)

5\ I include the full amount withdrawn (before Canadian tax) reported as ordinary income on my US Form 1040, including a Form 1116 (Foreign Tax Credit) to claim a credit for the Canadian withholding tax.

While I *think* the preceding is substantially correct, I'd like to confirm mechanics and specifics.

Any thoughts/comments...suggestions?

Thanks in advance.

[Cdninga]

The only thing I would add is that the amount that you claim as income on your US return is your gross amount withdrawn (before tax) minus your cost basis in the RRSP on the date you moved to the US.