I have a 403(b) in the US. (Moved back to CAN June '07 after being N-R for years.) My employer made all the contributions which stopped when I left the job/country. From reading other threads, I've picked up the following:
I can keep the 403(b) in the US and make changes, through internet, in allocation of investments within the account (sell and buy stocks, bonds, etc.) I only start paying tax on the account (in both countries) when I start to withdraw money.
From CRA site I've picked up that I don't need to submit T1135 for 2007, since I entrered CAN that year. But I'll need to in the future.
Hopefully this sounds all right so far.
Are there any other reporting requirements for this account? Eg. I haven't found anything saying whether I need to report the gains/losses in the account to the CRA each year (like US residents need to for RRSPs.) Did I miss something on this forum or at CRA?
Canadian with US retirement account
Moderator: Mark T Serbinski CA CPA
You do not ever have to file that form, since the funds are pension funds; read the form.
But if you were required to submit it, you would probably need to do so for 2007 as well, since you were resident at some point.
But if you were required to submit it, you would probably need to do so for 2007 as well, since you were resident at some point.
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
as to how much you will be able to deal, I woud check with the manager.
Also, unless your 403(b) is with tiaa-cref or fidelity or Vanguard, I would be moving it, since ALL other 403(b) managers are basically going to eat away at your money. And I do mean ALL others.
Also, unless your 403(b) is with tiaa-cref or fidelity or Vanguard, I would be moving it, since ALL other 403(b) managers are basically going to eat away at your money. And I do mean ALL others.
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
Thanks for the tip, Nelsona. My account is w/ Fidelity, but I'll look into the fees there just in case.
About the T1135-- the form (in its instr's) says individuals don't have to file it for the year they "become a resident of Canada," so that's why I thought I didn't need to for 2007. But it sounds like it'll be safer to file it than not to (I had bank accts, in addition to the 403b), so I will.
Since the 403b is a private account that I control (though tax sheltered), I didn't realize it was coutned as a 'pension'.
Thanks again.
About the T1135-- the form (in its instr's) says individuals don't have to file it for the year they "become a resident of Canada," so that's why I thought I didn't need to for 2007. But it sounds like it'll be safer to file it than not to (I had bank accts, in addition to the 403b), so I will.
Since the 403b is a private account that I control (though tax sheltered), I didn't realize it was coutned as a 'pension'.
Thanks again.
The wording is something to the effect of 'accounts which predominatly serve as pension' or somesuch.
403(b)'s certainly fit.
403(b)'s certainly fit.
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