Tax implications for beneficiary of RRSP, TFSA (US Resident)

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goingoutofmyhead
Posts: 1
Joined: Wed Jun 19, 2019 6:46 pm

Tax implications for beneficiary of RRSP, TFSA (US Resident)

Post by goingoutofmyhead »

Hi there! I am a Canadian citizen, US resident - I haven't filed taxes in Canada for many years (no income, no assets),
My mother passed, and named me and my brother as beneficiaries of an RRSP and TFSA. I will be inheriting <$100,00. I am very confused about the tax implications in Canada and USA (I was told many different things about the rules - some stating that because it's RRSP, it's not true 'inheritance').
I had not planned on filing taxes in Canada (and would prefer to only file in US), but I want to be certain I'm doing the correct thing).
The Canadian bank (holder of accounts) states it will not withhold taxes or treat my residency differently.

I would greatly appreciate any advice or clarification!
Thank you so much!
nelsona
Posts: 18352
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Tax implications for beneficiary of RRSP, TFSA (US Resident)

Post by nelsona »

You have nothing to file in either country on this income.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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