LIRA-RRSP

gusjackson · Post by **gusjackson** » Thu Jun 28, 2012 11:41 am

I'm preparing my tax return for 2011 and I'm wondering how to report my Canadian LIRA account. Do I report it on form 3520 or form 8891. IF I use form 8891, do I check off RRSP or RRIF for that specific question.

MGeorge · Post by **MGeorge** » Thu Jun 28, 2012 2:44 pm

Hi - My accountant said that the IRS does not distinguish between LIRA-RRSPs and RRSPs. On form 8891 simply check the RRSP box (RRIF only if you have retired and have rolled it into an annuity), then indicate in the account number box that it's a LIRA. Ie - 12345678-LIRA as the account number.

I can't claim "hand on heart" that this is correct but it is what my accountant (CPA) did. I hope this helps.
Regards.

nelsona · Post by **nelsona** » Thu Jun 28, 2012 10:43 pm

LIRA is merelu a locked-in RRSP -- report on 8891.