Non-compliance with a transferred RRSP

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testone
Posts: 92
Joined: Mon Dec 01, 2008 10:05 pm

Post by testone »

Nelson, could you let me know where it says that PFIC investments held in RRSPs are exempt from 8621 reporting? Thanks.
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nelsona
Posts: 18675
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

The treaty describes that Cdn retirement accounts are consdidered Cdn resident trusts (article Iv), this no reporting of their contents is required. RESPs, etc do not enjoy such status, and thus are subject to PFIC.

This is universally accepted in the cross-border world.
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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