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When withdrawing undeducted RRSP contributions using T746 or T3012, does the US recognize that this is, theoretically, a return of the taxpayer contributions (thereby making the taxable portion, nil)?
Yes. The treaty allows IRS to include in income no more than what CRA included in income.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best