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!
Tax implications for beneficiary of RRSP, TFSA (US Resident)
Moderator: Mark T Serbinski CA CPA
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- Posts: 1
- Joined: Wed Jun 19, 2019 6:46 pm
Re: Tax implications for beneficiary of RRSP, TFSA (US Resident)
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