RPP Reporting on TDF 90-22.1 & 8891 submission timing

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
InSearchOf...
Posts: 16
Joined: Sun Apr 10, 2011 2:07 pm

RPP Reporting on TDF 90-22.1 & 8891 submission timing

Post by InSearchOf... » Tue Jun 28, 2011 7:02 am

I am preparing to file my TDF 90.22.1 to disclose my Canadian holdings. I have three questions:

- When I file my TDF 90.22.1 should I send in my 8891 RRSP disclosure at the same time or submit the 8891 when I send in my 1040?
- When I fill in my 8891, does RPP qualify or is it RRSP only?
- Since most of my accounts are in Canadian dollars, what exchange rate do I use for the conversion to USD? Is there a US goverment prescribed rate for 2010?


Background:
Left Canada and arrived in the US under TN status in August of 2010. Applied for a US tax filing extension to wait to get my Canadian emigrant return so I have the numbers to fill in my 2555 and 1116.

Thanks. This is a great forum!

nelsona
Posts: 16514
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Tue Jun 28, 2011 8:22 am

TDF's are completely separate from anything to do with your tax return. They are even sent to a different address.

Only RRSP's or RRIF's are reported using 8891.

For 8891 they ask for year-end value, so you use the value at... year-end.

For TDF, they ask for the highest value of your account, so find out when that was and use the exchange on that day. There was not much fluctuation during the year.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

InSearchOf...
Posts: 16
Joined: Sun Apr 10, 2011 2:07 pm

Post by InSearchOf... » Tue Jun 28, 2011 8:36 am

Thanks for the information and quick reply.

So fully vested RSP/RPP income/growth are subject to regular US income tax? Odd that RRSPs are exempt but not RPP/RSPs. Is there a different way to report the tax exemption if not on the 8891?

Just checking.

Thanks again.

nelsona
Posts: 16514
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Tue Jun 28, 2011 10:18 am

RPPs are automatically tax-deferred, so there is no need to have 8891 to defr taxation.

RRSPs are NOT automatically tax deferred in US, thus need 8891. RSPs are RRSPs.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

InSearchOf...
Posts: 16
Joined: Sun Apr 10, 2011 2:07 pm

Post by InSearchOf... » Tue Jun 28, 2011 1:17 pm

Thanks for the great info!

InSearchOf...
Posts: 16
Joined: Sun Apr 10, 2011 2:07 pm

Post by InSearchOf... » Tue Jun 28, 2011 3:39 pm

I'm filling the form in now. In the Exceptions section of the instructions it states:

"Participants in and Beneficiaries of Tax-Qualified Retirement Plans. A participant in or beneficiary of a retirment plan described in Internal Revenue Code section 401(a), 403(a), or 403(b) is not required to report a foreign financial account held by or on behalf of the retirement plan."

Does this mean I don't include my holdings in RPP, RSP, and RRSP's?

Thanks!

nelsona
Posts: 16514
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Tue Jun 28, 2011 3:54 pm

You don't say what what form you are talking about. so I presume it is TDF form.

Cdn RRSPs and RRPs do NOT meet the IRS definition of 401(A), etc, so they need to be reported thru FBAR.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

gubuqajo
Posts: 1
Joined: Thu Sep 10, 2020 6:14 am

Re: RPP Reporting on TDF 90-22.1 & 8891 submission timing

Post by gubuqajo » Thu Sep 10, 2020 6:15 am

I cant understand one thing in this post is there anyone who know about this thing and can explain me. I aslo found this kind of word at https://awriter.org/myhomeworkdone-com-review/ here that’s why I was asking for help to help me.

Post Reply