My question involves the US and CANADA but is US-specific
QUESTION: David,
I lived in Canada for a period of 30 years as a landed imigrant. Durring
that time I purchased an RRSP and paid into it on a regular basis. I have
since returned to the US and have been contributing to IRA's instead. I have
recently been told that US citizens aren't allowed to have RRSPs. Is this
true and if so, what should I do?
Sam
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US citizens are allowed to have a Canadian RRSP but there can be a problem
dealing with it if you wanted to change your internal holdings.
However, the US treasury has recently released a notice which imposes
heavier reporting rules.
If you do not follow the rules imposed by REV.PROC 2002-23 and yesterday's
NOTICE 2003-57 you WILL be hit with massive penalties.
You can find details of what to do in Jonathon Chevreau's excellent article
(and my comments) at
http://www.centa.com/CEN-TAPEDE/centapede/2003-May/000046.html
If you need help with the reporting, we will look after it for $300 Canadian
for the first RRSP and $100 for each additional RRSP.
To deal with it you can fax a copy of the DEC 31, 2001 and Dec 31 2002 year
end accounting statements PLUS a copy of your 2002 1040 to us at the
following address.
When we have done this year, you should be able to follow the format
yourself next year and if you want to take enough time, you can find the
exact instructions in the URL mentioned above and repeated here:
http://www.centa.com/CEN-TAPEDE/centapede/2003-May/000046.html
david ingram - [email protected] <mailto:[email protected]>
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 913-9133 - (604) 913-9123 www.centa.com <http://www.centa.com>
Cell is (604) 657-8451 (10 AM to 10 PM seven days a week)
US/Canada Real Estate Taxation Specialists
US / CANADA / MEXICO
Working Visa and Income Tax Specialists
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
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and all non-contractual duties are expressly denied. All readers should
obtain formal advice from a competent and appropriately qualified legal
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