Hi All,
Last year I collapsed my RRSP as a US-resident and Canadian non-resident, and I have some confusion on the right way to do the tax on both sides. Here are my questions for each side:
1. Canada Tax: I am not certain if I told my bank that I was Canadian non-resident, but anyways, they sent me T4-RSP, and held only 10% (Is there a problem here?). I am using ufile to file my Canada tax. It requires me to put “Non-resident net employment incomeâ€, for which I will put my US W-2 income (I don’t have expenses). But, it also requires me to put a number under “Amount of foreign tax treatyâ€. Is this the amount of tax that is withheld on my W-2 in US? I did some experiments and the amount I will owe/receive depends heavily on this number.
2. US tax: As instructed somewhere else in this forum, I will put gross amount in 16a and taxable amount in 16b. The amount that goes in 16b is the difference between last value and value when became US resident. The exchange rate used would be at the time of collapse. Is there any form to fill (other than fbar)?
Your inputs are much appreciated. Thanks
US-resident, collapsed RRSP, and US-Canada Tax
Moderator: Mark T Serbinski CA CPA
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