I swore a mighty oath on a skyscraper of Bibles to never write about RRSPs again, so pretend that this is a post about FBARs and not RRSPs at all. That is actually semi-accurate because the logic applied here need not only apply to RRSPs. A gentleman posted a comment on The Last RRSP Post […]
RRSPs are Canadian retirement accounts. Until late 2014, they were semi-toxic for U.S. tax purposes when owned by U.S. taxpayers who were unaware of the paperwork requirements south of the border. These problems bedevilled countless Canadians living in the United States, as well as U.S. citizens and green card holders living in Canada.
By administrative fiat in late 2014, the U.S. government blew away the problems it had created–problems that cost countless people money and caused high levels of stress.
Up to now the way to fix an unreported RRSP problem was by incurring brain damage, spending lots of money, or suffering through terminal uncertainty and fear. Or all of the above. Your Old Choices I kid, I kid. Your choices were: ignore the past, and start fresh with reporting your RRSP on your current […]
You cannot do a tax-free rollover of your RRSP into an IRA. An Individual Retirement Account in the United States is the equivalent of the Registered Retirement Savings Plan in Canada. One idea people have is that if they are going to live in the United States permanently they would like to roll over their […]
Where I am about to talk about RRSPs.