RRSP consolidation into one account after moving to US

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nigeno
Posts: 3
Joined: Sun Apr 18, 2021 3:18 am

RRSP consolidation into one account after moving to US

Post by nigeno »

Moved to US almost two years ago.
Have two RRSP accounts in different institutions, each about 10K worth. Want to consolidate them into one RRSP that will be manageable with my US residence. Canadian based brokerage firm is apparently allowing me to do so.
Two questions:
1) Will it trigger US tax implications - rollover of the two RRSP accounts into one?
2) How would I need to file FBAR for this year if you should report the maximum account value for the year?
If I report maximum account values then it would look like this:
1st - 10K
2st - 10K
3rd new - 20K
Or instead should I just mention the new consolidated account only?

Thanks in advance
nelsona
Posts: 17014
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: RRSP consolidation into one account after moving to US

Post by nelsona »

1. No, this is a non-event for RRSP income purposes in US.
2. You would report the maximum value of each account, so 10K, 10K, 20K. Doesn't matter that they were combined during the year. It is only for information purposes. Next year you will have only the one to report,
I am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing :D
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