Hi there! I am a Canadian citizen, US resident - I haven't filed taxes in Canada for many years (no income, no assets),
My mother passed, and named me and my brother as beneficiaries of an RRSP and TFSA. I will be inheriting <$100,00. I am very confused about the tax implications in Canada and USA (I was told many different things about the rules - some stating that because it's RRSP, it's not true 'inheritance').
I had not planned on filing taxes in Canada (and would prefer to only file in US), but I want to be certain I'm doing the correct thing).
The Canadian bank (holder of accounts) states it will not withhold taxes or treat my residency differently.
I would greatly appreciate any advice or clarification!
Thank you so much!
Tax implications for beneficiary of RRSP, TFSA (US Resident)
Moderator: Mark T Serbinski CA CPA
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- Posts: 1
- Joined: Wed Jun 19, 2019 6:46 pm
Re: Tax implications for beneficiary of RRSP, TFSA (US Resident)
You have nothing to file in either country on this 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