Andrew Nelson writes to remind me that the form 8891 does NOT apply to an
RESP. I know that!
Have to stop answering these at 4:00 AM.
And, on that subject I am going away next Wednesday for two weeks. I just
came to the realization that I took a two day one night vacation in 2003, a
four day three night vacation in 2004 and this will be my first two weeker
in four years.
This from a guy who took 10 weeks in 1998, a couple of months in 1999, a
month in 2000, a month in 2001 and a month in 2002.
I will not be taking a laptop or a blackberry or answering any questions
until about Sept 8th. And, since I get about 300 emails including 50
questions a day, I will likely just kill anything when I get back.
Most of the time, my cell phone (6040 657-8451 should be working but I
intend to spend some time in the bush or open spaces like Dinosaur
Provincial Park and Barkerville where there is no cell service and I will
not be taking cell messages either.
-----Original Message-----
From: Nelson, Andrew G. [mailto:agnelson at cal.ameren.com]
Sent: Friday, August 12, 2005 6:00 AM
To: taxman at centa.com
Subject: RE: Canadian in US - RRSP - RESP - ask
internationalincome tax & immigration expert consultant david ingram
fromNorth Vancouver, BC,Canada experts on RRSP RESP IRA 401(K) radio
CKBD 600AM 9 AM Sundaymornings on Fred Snyder's IT's YOUR MONEY
David,
RESP accounts are afforded NO tax deferral for US tax purposes. Form
8891 does NOT apply to RESPs, as deferral is not an option, and does not
satisfy the requirements of Form 3520 either, so that form must also be
filed for any RESP held.
The accounts are treated like any other investment account, and yearly
income generated in the accounts are taxable, both federally and in all
states. Taxable in the hands of the parents, by the way, not the child.
AGN
-----Original Message-----
From: centapede-bounces+agnelson=cal.ameren.com at lists.centa.com
[mailto:centapede-bounces+agnelson=cal.ameren.com at lists.centa.com] On
Behalf Of centapede at lists.centa.com
Sent: Friday, August 12, 2005 4:08 AM
To: CENTAPEDE; Webmaster at Jurock. Com
Subject: Canadian in US - RRSP - RESP - ask
internationalincome tax & immigration expert consultant david ingram
fromNorth Vancouver, BC,Canada experts on RRSP RESP IRA 401(K) radio
CKBD 600AM 9 AM Sundaymornings on Fred Snyder's IT's YOUR MONEY
QUESTION:
Hello David,
I am currently a Candian citizen with H-1 visa. My husband with H-4. We
are planing not back to Canada for few years. and want be a non-resident
of Canada(for save tax). Should we cloase all the account in Canada? we
had RRSP and few stocks in TD waterhouse. and also life insurance and we
buy the RESP for our son also, but just bought one year. if we close all
acount, is that mean we have to lose all the above?
Appreciate any suggestion from you.
Thank you.
LXXXXXXXXX
-----------------------------------
david ingram replies:
You can keep your accounts in Canada. TD Waterhouse might even keep
your account open for you because they have gone to the effort to make
it possible although they are not very happy about it. The best TD
Waterhouse person to talk to about a Canadian Account when you live in
the USA is Shaun Rickerby at (604) 482-5188.
All the other accounts can stay as they are provided you tell the people
you are a non-resident.
For the RESP and RRSP accounts you must file US form 8891 which is new
this year.
Go to www.centa.com and read the US/Canada Taxation section in the
second box down on the right hand side.
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram am a
permanent guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show
called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
internet at
www.600AM.com <http://www.600am.com/>
Call (604) 280-0600 to have your question answered. BC listeners can
also call 1-866-778-0600.
Callers to the show and questioners on this board can also attend the
Thursday Night seminars on finance and making your Canadian Mortgage
Interest deductible.
David Ingram's US/Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists US /
Canada Real Estate Specialists Home office at: 4466 Prospect Road North
Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 9 AM to 9 PM 7 days a week (please do not fax or
phone outside of those hours as this is a home office)
email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com
<http://www.centa.com/> www.david-ingram.com
<http://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
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you forward this message, this disclaimer must be included."
Be ALERT, the world needs more "lerts"
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