Hi,
I am a Canadian citizen that transferred from Canada to the US. Since I am with the same employer I did not get any options to move out my RPP pension to a self directed locked-in type retirement account. As a result I am forced to choose between investments that are available in my employer’s benefits provider. They all look like PFICs to me, but I am not sure. Are Blackrock Lifepath funds considered to be PFIC?
Anyone else in a similar situation? Since it is a locked retirement account I think I can only withdraw after 2 years of being a non resident. I hate to think I would have to leave it uninvested for that long.
PFIC question
Moderator: Mark T Serbinski CA CPA
Re: PFIC question
Your employer-sponsored retirement account is exempt from PFIC reporting. Just like RRSP/RRIFs.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing 
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barracudan
- Posts: 11
- Joined: Thu Oct 12, 2023 2:25 pm
Re: PFIC question
Ooh, did not know that for both RRSP and employer sponsored (brain is coloured by RESP restrictions). Thank you so much!
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barracudan
- Posts: 11
- Joined: Thu Oct 12, 2023 2:25 pm
Re: PFIC question
Ooh, did not know that for both RRSP and employer sponsored (brain is coloured by RESP restrictions). Thank you so much!
Re: PFIC question
and since your RRSP is employer sponsored (aka GROUP RRSP contributions through workplace) and you're in the US, you should at least investigate eligibility under the treaty XVIII(12) to deduct (up to the 401k limited amount) on your 1040 contributions to your RRSP and if long-term this is a good plan.