I am currently withdrawing from my RRIF and LiF at a 15% withholding rate.
MY RRIF and LIF Plans are in Canada and I am a resident of the U.S. (dual citizen)I am 72 and am withdrawing my minimum withdrawala on a systematic basis.
Upon my death, what will the tax effect be on the collapse and distrbution of the remaining balance of these plans to my beneficiaries?
Thank you
Artistic 95
RRIF/LIF WITHDRAWALS
Moderator: Mark T Serbinski CA CPA
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artistic95
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RRIF/LIF WITHDRAWALS
Thanks, Artistic95
The withdrawals will be taxed at 15% unles transferred to your spouse.
In US, you will be taxed on the remainder of what is taxable, based on what you have been declering on 8891. LIFs are always 100% taxable in US, and RRSPs are partially taxable n=based on their value whn you moved to canada, and yiou should be proportionally reporti-by-year on your 1040 and 8891.
In US, you will be taxed on the remainder of what is taxable, based on what you have been declering on 8891. LIFs are always 100% taxable in US, and RRSPs are partially taxable n=based on their value whn you moved to canada, and yiou should be proportionally reporti-by-year on your 1040 and 8891.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 