Hi all,
I am moving to the US for about 3-5 years under a TN Visa and am in my mid-thirties. I have some RRSP accounts and needed some guidance for what to do with them.
1. I have two RRSP (one is still in cash and the other is invested). Can I still buy/sell investments within the RRSP after I move to the US without incurring any tax owing if I don’t withdraw these funds from the RRSP account?
2. To my understanding the RRSP is not taxable in the US (Federal level) if certain elections are made to the IRS. Is completing the FinCen 114 form and Form 8938 all that is required?
3. Which part of the 8938 Form does RRSP fall under (Part I or Part IV)?
4. For California FTB, where do I report RRSP gains? Is it just treated as interest income?) Any other forms to fill out?
5. For California, what happens if the RRSP investments have a loss in a particular year and then a gain (or vice versa)? Can losses/taxes from previous years be recaptured?
Thank you! I’ve learned a lot from this forum
RRSP Planning
Moderator: Mark T Serbinski CA CPA
Re: RRSP Planning
1. You will have no tax issues if you do not withdraw. However, you will need to sign up with a Cdn brokerage that will deal with you while in US. Many do not.
2. They are not taxable until you make a withdrawal. FinCen and perhaps 8938 are also necessary but have nothing to do with taxation, just reporting mechanisms
3. Depends on the type of account
4. The income from the account (which is treated like an ordinary investment account) is reported on the lines which represent that form of income (gains, interest, dividends)
5. Since they are ordinary accounts, any triggered capital losses are reported as such.
2. They are not taxable until you make a withdrawal. FinCen and perhaps 8938 are also necessary but have nothing to do with taxation, just reporting mechanisms
3. Depends on the type of account
4. The income from the account (which is treated like an ordinary investment account) is reported on the lines which represent that form of income (gains, interest, dividends)
5. Since they are ordinary accounts, any triggered capital losses are reported as such.
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
Re: RRSP Planning
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