Declare RRSP when not yet a permanent resident?

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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
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Post by nelsona »

<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">1)Do I need to fill out form 8891 declaring these RRSPs even though I am not yet working or a permanent resident? <hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
If you are part of a joint 1040, then yes, since that joint 1040 is supposed to include your world income as well, which would include RRSP income, except for 8891
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">2)If yes, do I need to include that form as an attachment to my husband's 1040, or do I have to file something separate by myself?<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

As above. If you file a joint return, then it is not your husband's return, it is yours as well.
<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">3) I understand that form 8891 has replaced some other more complicated procedures in prior years, so is it the only form relating to RRSPs that I will need to worry about for the next while, or are there any additional forms I need to worry about?<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">
The other procedures are ancient history. What you will need however, is an accurate value (BOOK value)of your RRSP holdings on the day you become a US tax resident, which is likely January 1 2005 (yes, last January), since your husband will be filing jointly with you for 2005.

You will need this to determine what portion of any future RRSP withdrawal is taxable in US.
<i>nelsona non grata... and non pro</i>
suedor
Posts: 14
Joined: Thu Mar 03, 2005 11:26 pm

Post by suedor »

If the total amount of your RRSPs and any other accounts outside the U.S. is more than $10,000 U.S. then be sure to file TDF 90.22.1 as well (does not go with tax return though)
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