I have contributed to our company's group RSP (US GC holder). I am wondering How to claim my contribution on 1040 to take advantage of new benefit of Fifth Protocol of US-Canada tax treaty?
Thanks
J
How to claim Group RSP contribution on 1040
Moderator: Mark T Serbinski CA CPA
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Good point. If the funds are in an RRSP account that the taxpayer controls (ie. can make trades into various investemts etc), he would also file a form 8891 fore this account, and would include it in FBAR.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Just aone point. On the 8833 I would specify an "Employer-sponsored" RRSP, as this is the key requirement of that clause.
Unfortunately, such a declared and deducted contribution cannot be considered non-taxable investment in the RRSP, when in future he will take withdrawals from it.
It is sometimes wise, sic=nce one should be exempting the entire wage using form 2555 if one can, to forego making the deduction, in favour of future non-taxability of that portion of the RRSP.
and, finally, the clause that would be used is article 13, not 15.
Unfortunately, such a declared and deducted contribution cannot be considered non-taxable investment in the RRSP, when in future he will take withdrawals from it.
It is sometimes wise, sic=nce one should be exempting the entire wage using form 2555 if one can, to forego making the deduction, in favour of future non-taxability of that portion of the RRSP.
and, finally, the clause that would be used is article 13, not 15.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
jhuang,
I have some confusion here: you state elsewhere that you are a GC commuter, working in US. How are you contributing to a CDN RSP?
If this is wages from before you began living in US, you should exclude the entire wage, not report it and deduct RRSP. Or you should be reporting entire wage and using form 1116 to credit the Cdn tax.
Sounds like something is not quite right.
I have some confusion here: you state elsewhere that you are a GC commuter, working in US. How are you contributing to a CDN RSP?
If this is wages from before you began living in US, you should exclude the entire wage, not report it and deduct RRSP. Or you should be reporting entire wage and using form 1116 to credit the Cdn tax.
Sounds like something is not quite right.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
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- Posts: 28
- Joined: Wed Nov 26, 2008 12:12 pm