Surrender of Canadian Life Insurance Policy

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Mir
Posts: 2
Joined: Thu Feb 16, 2006 2:23 pm

Surrender of Canadian Life Insurance Policy

Post by Mir »

Thanks for your help a couple of years ago.
I have a couple of questions to ensure that I am filing correctly this year.
I am a US Permanent Resident. I have no U.S. income (homemaker) and am filing a joint U.S. return with my husband (US Citizen) for this year.

In 2007 I surrendered my Canadian Life Insurance policy (Sunlife) and will be receiving form T9041B 3 and T2068 from the CRA.
1) Do I need to show this on my U.S. return and if so where?
2) Do I need to file a Canadian Non-resident form? If so, is there any hope that I can get back the non-resident tax they withheld from the Taxable Policy Gain?

Just to make sure I am compliant: we are filing Form 8891 s for the RRSPs I still have in Canada (no current contributions or disbursements-they are just sitting there). Is that all I need to do?

Thank you.
Mir
Canadian born, U.S perm resident
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