Hey guys.
I am a Canadian with non-res status working in the US. As part of a CDN divorce I filed a T2220 ("RRSP transfer after marriage breakdown") in 2004. My RRSP company sent me a document for a non-res member to show the money coming out of the RRSP.
Because of the non-res status, I haven't filed CDN income tax the last couple years. Do I need to do anything special this year because of the T2220?
Thanks.
Non-res CDN filed T2220
Moderator: Mark T Serbinski CA CPA
I suppose you have been correctly reporting all your RRSPs to IRS?
If not, please be reading the threads on 8891, and RRSPs etc.
You should not have anything to report to CRA, since you owe no tax on the transfer, and none was withheld.
You probaly should include (along with the regular RRSP reporting to IRS) an 8833 form indicating that your RRSP 'withdrawal' was actually a qualified transfer, and thus not includable in income in Canada, ands thus by treaty Article XVIII.1, not includable in US income.
This, by the way, would have the effect of wiping out any off the income that uou have alrady deferred taxation on in that account, so it would be wise to make sure that all your deferral elections are in order.
<i>nelsona non grata... and non pro</i>
If not, please be reading the threads on 8891, and RRSPs etc.
You should not have anything to report to CRA, since you owe no tax on the transfer, and none was withheld.
You probaly should include (along with the regular RRSP reporting to IRS) an 8833 form indicating that your RRSP 'withdrawal' was actually a qualified transfer, and thus not includable in income in Canada, ands thus by treaty Article XVIII.1, not includable in US income.
This, by the way, would have the effect of wiping out any off the income that uou have alrady deferred taxation on in that account, so it would be wise to make sure that all your deferral elections are in order.
<i>nelsona non grata... and non pro</i>