How do you deal with a DCPP in Canada

[balle]

When in Canada, I was enrolled in a DCPP (Defined Contribution Pension Plan). As the name suggests, this a Pension Plan and contributions were made by my employer when I was employed. I cannot withdraw the money till I retire. When I do retire, I will get this money tax free (I think!!)

- Do I have to let IRS know about this pension plan
- Do I have to make an election every year to defer paying taxes on this
- What happens when I retire and get a ditribution / pension payments

[nelsona]

Tax-free?Nope.

First you will pay Tax in Canada (obviously) and then also report this in US.

This is a pension, pure and simple.

Millions in Canada have this, and all are taxable.

Nothing to report in US until you start taking withdrawals.



<i>nelsona non grata</i>