U.S. citizens with RRSP questions

Sherpa · Post by **Sherpa** » Wed Aug 29, 2012 9:02 pm

Good evening from North Carolina,
My husband and I are U.S. Citizens. We had the opportunity (and privilege) to live in British Columbia, Canada from June 1992 until October 1998. During those years we opened and contributed to 3 RRSPs - one for each of us plus one spousal for me. When we left Canada we left our RRSPs in BC under the management of an Investment Broker. In 2009, we converted the RRSPs to "self-directed" RRSPs, even though the options for Investment funds available for U.S. Citizens are quite limited. Each year we file all the necessary tax documents with the IRS in the U.S. and with Revenue Canada.
We are uncertain about many things concerning our RRSPs.
For example, we'd like to retire in about 7 years. What are our choices for RRSP distributions when we retire?
In terms of possible investment funds, do we have any choices if we look at other managers? We currently are working with TD Waterhouse.
Thanks for any information and insights you might be able to provide.

nelsona · Post by **nelsona** » Thu Aug 30, 2012 7:09 am

first, investments a re not limited inf you have a brker that can trade with you, TD waterrhouse has SD-RRSPs for US residents, with all trading options available.

What are you filing with Rev canada? There is nothing to report to them.

You will eventually convert your RRSP to a RRIF, with the same trading options, and slowly draw down your RRRIF, at 15% Cdn tax, and some US tax.