RRSP
My client, a U.S. citizen, worked in Canada for a few years and has money in an RRSP. He’s at the point of needing to take required distributions. I’m looking for someone with knowledge about both U.S. and Canadian tax. I’d like to get suggestions as to who might help us. BTW, the client has never filed a form 8891. That needs to be fixed.
Permalink Submitted by mk foss on Tue, 2013-01-22 19:05
Before the Form 8891 was developed taxpayers attached a statement pursuant to Rev Proc 2002-23 and claimed benefits under Article XVIII of the Canada-U.S. Income Tax Convention. Has he reported the income in the RRSP for U.S. tax purposes? The taxation of the distributions is affected by past reporting, I believe.I would have him check with a Canadian chartered accountant and ask that person if there is a U.S. preparer that he works with. The international CPA firms in the U.S. seem to focus on business issues and might be very pricey in straightening this out.
Permalink Submitted by Bob Foland on Tue, 2013-01-22 22:34
One of his problems is that he has never filed the 8891. I understand that there’s some remedy for that, but I don’t know what it is. Any help?