US Resident RRIF/LIF withdrawals

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.

Moderator: Mark T Serbinski CA CPA

Post Reply
artistic95
Posts: 27
Joined: Wed Sep 26, 2012 12:27 pm
Location: Lake Wales, Florida,33859

US Resident RRIF/LIF withdrawals

Post by artistic95 »

As a Cdn Non resident living in the US, my minimum monthly withdrawals from my RRIF and LIF will exceed the revised lower minimum withdrawals for 2015 . I have a 15 % tax withheld at source for all withdrawals.

I have been advised, if I choose, I can recontribute the "excess" withdrawals to my RRIF and LIF.
If recontributed, what happens to 15% tax withheld at source?

Is there any penalty if I do choose not to recontribute revised "excess" and maintain my "old" rate of monthly withdrawals ?

I am a dual Cdn/US citizen filing US tax returns.
Thanks, Artistic95
Top
Post Reply

Return to “Canada / United States Tax & Accounting”