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Hi there,
We are Canadians living in the US on my wife's TN Visa. We have just withdrawn 20,000 Canadian from my wife's RRSP and will need help filing the relevant tax forms for the withdrawal and any amounts left in both our RRSP at tax time.
Can you please let us know who to contact in your office regarding this and how best to contact them.
Thank-you,
SXXXXX
_________________________________________________________________
david ingram replies:
I have been away for a few days. When you are ready - just call me or email / mail me at the contact numbers below.
I will need you to get:
1. The exact value of the RRSP accounts as you crossed the border to live in the USA.
2. The amounts earned internally by the funds for each year since you left. (usually determined by using the December 31st year end statements)
3. The amount of any contribution(s) you made to your RRSP? accounts AFTER you left Canada.
4. Whether you have reported the internal earnings to the US on your 2002 tax return.
Only the earnings AFTER you entered the US are taxable on the US return although if you are in California, the earnings were taxable sooner.
NB: The Canadian financial institution who was holding the money for you should have deducted 25% of the gross amount withdrawn. If they did not take $5,000 of the $20,000 leaving you a net of $15,000, you should send them the balance now so that it goes in to the CCRA properly.
If they did not deduct 25%, it looks like they thought you were a Canadian resident and there is no sense in raising red flags.
Contact numbers, etc., follow:
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
This from "ask an income tax and immigration expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
multi jurisdictional cross and trans border expatriate problems for the United States, Canada, Mexico, Great Britain, the United Kingdom, Kuwait, Dubai, Saudi Arabia, Thailand, Indonesia, Japan, China, New Zealand, France, Germany, Spain, Italy, Russia, Georgia, Brazil, Peru, Ecuador, Bolivia, Scotland, Ireland, Hawaii, Florida, Montana, Morocco, Israel, Iraq, Iran, India, Pakistan, Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas, Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK, GB, American and Canadian and Mexican and any of the 43 states with state tax returns, etc.
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