Moved to US in Oct. 2005. In Canada I worked for an employer that provided a Pension Plan (I would put 3% of my salary and the company 4%, tax free). Since I have to report the RRSP balance at the end of 2005 on form 8891 and have the option to defer the US tax, I assume I have to do the same with 2005 DCPP balance. What form should I use to report it and defer the tax?
Thank you!
Defined Contribution Pension Plan
Moderator: Mark T Serbinski CA CPA
Pension plans are NOT RRSPs, so 8891 is not for this.
Rev Proc 2002-23 however, did encompass both RRSPs and RRP (registered retirement plans, or 'company pensions'), thus you could file an RP 2002-23 statement (just like RRSP-holders did until the issue of 8891 in 2004.) If you unable to ascertain the year-end value, just say so.
Otherwise, you would need to file the complex form 3520, or 3520-A.
I am of the opinion that Cdn pension plans, held by the company and not the former employee, are NOT subject to all the reporting requirements of RRSPs, thus you have nothing to report until such time as you start drawing your pension.
Rev Proc 2002-23 however, did encompass both RRSPs and RRP (registered retirement plans, or 'company pensions'), thus you could file an RP 2002-23 statement (just like RRSP-holders did until the issue of 8891 in 2004.) If you unable to ascertain the year-end value, just say so.
Otherwise, you would need to file the complex form 3520, or 3520-A.
I am of the opinion that Cdn pension plans, held by the company and not the former employee, are NOT subject to all the reporting requirements of RRSPs, thus you have nothing to report until such time as you start drawing your pension.
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
I looked for this form (RP 2002-23) on IRS website, I tried Google, but I couldn't find it anywhere. Please indicate me where to go and print it, or if it can be subsitute by a statement, please indicate how I should write it.
I was ready to mail the American return when I realized I didn't attached RP 2002-23.
Thank you!
I was ready to mail the American return when I realized I didn't attached RP 2002-23.
Thank you!
Incredible 
How about typing "rev Proc 2002-23" in google!!!
and the canadatotwincities.com site has my templates.
I can only imaging how difficult it must have been to do your taxes if you coan't even google competantly
How about typing "rev Proc 2002-23" in google!!!
and the canadatotwincities.com site has my templates.
I can only imaging how difficult it must have been to do your taxes if you coan't even google competantly
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