Sasketchewan pension plan and IRS?

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MIKE2000Z28
Posts: 62
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Sasketchewan pension plan and IRS?

Post by MIKE2000Z28 »

I am an American citizen living in Canada as a PR. Now i used to file form 8891, but now that is no longer the case and i have been filing US returns since i moved here in 2004. I am repaying my home buyers plan and i put my contribution in the Saskatchewan Pension plan. Is it considered under the umbrella of an RRSP because Canada gives it the same status? Or should i cash out take a distribution and report it and then contribute to something else?
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

They fall under the treaty protection because the are arrangements "operated exclusively to prrovide pension, retirement, or employee benefits"

I don't know of any reporting requirements for these other than the ones that are currently in force for RRSPs,, ie FATCA and FBAR.

As to HBP paybacks, these are non-events on your US return. The original HBP "loan" you took WAS and event (it would have triggered payment of tax on deffered income)
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
MIKE2000Z28
Posts: 62
Joined: Wed Jan 16, 2008 11:49 am
Location: Quebec, Canada

Post by MIKE2000Z28 »

[quote="nelsona"]They fall under the treaty protection because the are arrangements "operated exclusively to prrovide pension, retirement, or employee benefits"

I don't know of any reporting requirements for these other than the ones that are currently in force for RRSPs,, ie FATCA and FBAR.

As to HBP paybacks, these are non-events on your US return. The original HBP "loan" you took WAS and event (it would have triggered payment of tax on deffered income)[/quote]

Well it is a simplified pension plan, an SPP. I get the same rrsp deduction from contributing to it. Im still confused on the new rrsp reporting as for now i don't mean any of the reporting thresholds of fatca or fbar.
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