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Sir:
I found you on an old web site and wonder if you are
still giving advice.
I have been living in the US for 19 yrs and have kept
my locked RRSP in Canada all this time. Now I am
approaching 59 and wonder how I get my money out when
I'm 59 1/2 without tax consequences. Can an RRSP be
rolled into an IRA in the US?
I appreciate any advice you can offer.
JXXXXXXXXXXXXX
Chicago IL
__________________________________
david ingram replies:
Because it is locked in, you will have to take it out as an annuity or a LIF which means monthly or annual payments like a pension.
Canada will take 15% withholding tax and you will report the gross amount received on your US return. You will also file a US form 1116 to claim the foreign tax paid to Canada as a dollar for dollar credit against US tax.
When you apply for your Canadian Pensions, they will NOT be taxable in Canada but will be added to your social security pensions and be taxed as social security.
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