No, you can leave the funds in the RRSP. You should have been reporting the existence to IRS over the years, but that system has passed now.
You should NOT have the address listed as a Cdn address however 9which may have something to do with you not learning about how to manage accounts from US). They must have your TN address.
So, really the only harm is that by doing nothing you have sacrificed YEARS of growth in either US or Canada. Hopefully these are pretty small accounts.
Liquidating RRSP in 2018
Moderator: Mark T Serbinski CA CPA
Nelson
The funds in the RRSP (and LIRA) accounts are being managed by a broker, but they do not have a license or permission to trade for TN residents and hence they are limited in what they can do, essentialy resulting in very poor returns. We were not aware the funds could be managed from the US using TD Direct. What about the required minimum withdrawals which are due for me within the next two years- do we have to pay taxes in the US on these withdrawals and can these be offset by the 25% withholding tax paid in Canada. Thanks for your help.
The funds in the RRSP (and LIRA) accounts are being managed by a broker, but they do not have a license or permission to trade for TN residents and hence they are limited in what they can do, essentialy resulting in very poor returns. We were not aware the funds could be managed from the US using TD Direct. What about the required minimum withdrawals which are due for me within the next two years- do we have to pay taxes in the US on these withdrawals and can these be offset by the 25% withholding tax paid in Canada. Thanks for your help.
I have written extensively on how LIRA, RRIFs and RRSPs are taxed in US upon withdrawal, so I won't repeat here, particularly since this was not your thread.
Happy browsing
Happy browsing
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