RSP/LIF/RIF Cost Basis from Employer Contributions

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.

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Cadman
Posts: 15
Joined: Tue Mar 24, 2009 7:43 am

Post by Cadman » Wed Mar 25, 2009 2:51 pm

No, I'm not.

I really appreciate all your help.

Thanks

Cadman
Posts: 15
Joined: Tue Mar 24, 2009 7:43 am

Post by Cadman » Thu Mar 26, 2009 6:38 am

[quote="nelsona"]Yes it is.

Are you familiar with how cost basis is determined?[/quote]

Not sure if this means interest earned is part of my cost basis or not. Just to clarify, the RRSP has allways been a CD investment.

I'm not familiar with how cost basis is determined.

Thanks.

nelsona
Posts: 16452
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Thu Mar 26, 2009 7:15 am

cash (like GIC) has the same cost basis as market vlue. So the value on the day you became taxable is the cost basis and book value.

You will basically owe US tax on the growth in that account from when you became taxable in US.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

Cadman
Posts: 15
Joined: Tue Mar 24, 2009 7:43 am

Post by Cadman » Thu Mar 26, 2009 8:08 am

Thanks nelsona,

On a somewhat related topic, now that my RRSP's have been converted to RRIF's and I'm receiving income, are these considered to be qualified or non-qualified plans?

nelsona
Posts: 16452
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Sat Mar 28, 2009 2:38 am

Qualified or non-qualified for what?
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

Cadman
Posts: 15
Joined: Tue Mar 24, 2009 7:43 am

Post by Cadman » Sun Mar 29, 2009 7:35 am

My mistake.

Thanks for your help.

Zak Clements
Posts: 4
Joined: Thu May 28, 2020 3:07 am

Re: RSP/LIF/RIF Cost Basis from Employer Contributions

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