Article XVII (7)

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

Article XVII (7)

Post by liis_todd »

Could someone tell me where I need to go to elect under Article XVII (7) to defer US income tax on undistributed earnings. This is directly to do with RRSP's and the filling out of form 8891.

thanks
Carson
Posts: 182
Joined: Wed Oct 27, 2004 1:00 pm
Location: Toronto

Post by Carson »

That's what Form 8891 is for.
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

Thanks Carson

Post by liis_todd »

I just didn't sare to think it was going to be that easy.....
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

One more..

Post by liis_todd »

One more question re 8891. If I have more than one "Plan Custodian" do i fill out a new form for each?

Thanks again
Carson
Posts: 182
Joined: Wed Oct 27, 2004 1:00 pm
Location: Toronto

Post by Carson »

One form per RRSP/RRIF account.
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

Post by liis_todd »

Thank you very much Carson. Have a great day.
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

Post by liis_todd »

Dear Carson
One final question about the 8891. In line 10 under "Undistributed earnings of the plan during the year" it asks under (a) for interest income. Does that apply? My Plan Custodian informs me since no earnings are taxable until withdrawn this is N/A. Is this informatiom correct?

Cheers. I think this will do it!
L
Carson
Posts: 182
Joined: Wed Oct 27, 2004 1:00 pm
Location: Toronto

Post by Carson »

Per the form instructions, when electing to defer, you stop at line 8. Easier that way. ;-)
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

Post by liis_todd »

Except that i checked the Beneficiary box. answered "no" to 6a, and checked the box at 6c......so I do have to put something. I am actually making the election for the first time on this form.

L
Carson
Posts: 182
Joined: Wed Oct 27, 2004 1:00 pm
Location: Toronto

Post by Carson »

Read the instructions to line 8 AGAIN. It will become clear with repetition.
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

Post by liis_todd »

I am such a PUTZ.
I really am Not that SLOW.

Embarassed, but thanks
L
liis_todd
Posts: 12
Joined: Tue Aug 21, 2007 6:02 pm

Post by liis_todd »

Hi Carson
8891's complete. Since they were submitted incorrectly, I am looking to amend my return. None of the categories seems to fit the description of this type of amendment. ANy suggestions on how to address this on the "1040X Amended Individual Income Tax Return" form?

Just when you thought you were done.......
L
Post Reply