Canadian Citizen/US PR in California - Reporting TFSA/RRSP

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
gdhender
Posts: 2
Joined: Sun Mar 17, 2024 4:08 pm

Canadian Citizen/US PR in California - Reporting TFSA/RRSP

Post by gdhender »

Hi,
I couldn't find exact answers relating to California..I liquidated my TFSA into an RRSP in February 2023. What are my obligations for reporting RRSP (as I'm in California) for 2023 tax year? It seems I have to report interest/dividends/capital gains/losses on my RRSP account, fill out FBAR, but am exempt from 3520 because RRSP is less than $50k USD? Does that sound correct?

I also failed to actually close the TFSA account, does this matter?

Thank you
Top
nelsona
Posts: 18363
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Canadian Citizen/US PR in California - Reporting TFSA/RRSP

Post by nelsona »

You report the income as if the RRSP was not tax-shetered, year after year.

You don;t report it in 3520 becuase RRSPs are specifically exempt. There is no monetary threshold for this.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
Top
Post Reply

Return to “Canada / United States Tax & Accounting”