Sasketchewan pension plan and IRS?
Moderator: Mark T Serbinski CA CPA
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MIKE2000Z28
- Posts: 67
- Joined: Wed Jan 16, 2008 11:49 am
- Location: Quebec, Canada
Sasketchewan pension plan and IRS?
I am an American citizen living in Canada as a PR. Now i used to file form 8891, but now that is no longer the case and i have been filing US returns since i moved here in 2004. I am repaying my home buyers plan and i put my contribution in the Saskatchewan Pension plan. Is it considered under the umbrella of an RRSP because Canada gives it the same status? Or should i cash out take a distribution and report it and then contribute to something else?
They fall under the treaty protection because the are arrangements "operated exclusively to prrovide pension, retirement, or employee benefits"
I don't know of any reporting requirements for these other than the ones that are currently in force for RRSPs,, ie FATCA and FBAR.
As to HBP paybacks, these are non-events on your US return. The original HBP "loan" you took WAS and event (it would have triggered payment of tax on deffered income)
I don't know of any reporting requirements for these other than the ones that are currently in force for RRSPs,, ie FATCA and FBAR.
As to HBP paybacks, these are non-events on your US return. The original HBP "loan" you took WAS and event (it would have triggered payment of tax on deffered 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
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MIKE2000Z28
- Posts: 67
- Joined: Wed Jan 16, 2008 11:49 am
- Location: Quebec, Canada
[quote="nelsona"]They fall under the treaty protection because the are arrangements "operated exclusively to prrovide pension, retirement, or employee benefits"
I don't know of any reporting requirements for these other than the ones that are currently in force for RRSPs,, ie FATCA and FBAR.
As to HBP paybacks, these are non-events on your US return. The original HBP "loan" you took WAS and event (it would have triggered payment of tax on deffered income)[/quote]
Well it is a simplified pension plan, an SPP. I get the same rrsp deduction from contributing to it. Im still confused on the new rrsp reporting as for now i don't mean any of the reporting thresholds of fatca or fbar.
I don't know of any reporting requirements for these other than the ones that are currently in force for RRSPs,, ie FATCA and FBAR.
As to HBP paybacks, these are non-events on your US return. The original HBP "loan" you took WAS and event (it would have triggered payment of tax on deffered income)[/quote]
Well it is a simplified pension plan, an SPP. I get the same rrsp deduction from contributing to it. Im still confused on the new rrsp reporting as for now i don't mean any of the reporting thresholds of fatca or fbar.