Moving RRSP to US

Tim · Post by **Tim** » Thu Feb 04, 2010 5:43 pm

I am a permanent resident in CA, but am US citizen. Have been here 7 years. We will leave in June and will not return to live in Canada - although two of our kids have citizenship.

I have 23K in RRSP - can I move them directly into a US retirement account? Can I just leave them in CA till I am old enough to retire? Also, I have an RESP for two of my kids here - are there any suggestions or options for those?

nelsona · Post by **nelsona** » Thu Feb 04, 2010 9:18 pm

Your RRSP or RESP cannot be moved to US.

You can keep RRSP in canada, and keep it sheltered. You of course have been filing form 8891 all these years, or are subject to fines.

Your RESP on the other hand is NOT sheltered in US, and you should be reporting its income every year on your 1040.

Mon Mar 15, 2010 5:14 pm

NOTE: For residents of California, the income earned within your RRSP is taxable at the state level, and is NOT protected.

nelsona · Post by **nelsona** » Mon Mar 15, 2010 5:30 pm

Note that CA in this context is canada, not California.