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August 30, 2011 - Phil Hodgen

Canadian politicians to contact about FBARs and RRSPs

Reader and commenter Another Concerned Canadian left a comment earlier today on my post A Suggestion to Canadians in the USA. His comment is important enough that is worth making into its own blog post.

RRSPs are under attack by the IRS in the various voluntary disclosure initiatives.  It strikes me that things will get better at the IRS only when the Treasury Department comes under pressure from the State Department. Diplomatic relations between Canada and the United States will not be sacrificed for the sake of a few penalty dollars on RRSPs. I hope!

The State Department is undoubtedly unaware of what their brothers and sisters at the IRS are doing.... continue reading

RRSPs Voluntary Disclosure
April 1, 2011 - Phil Hodgen

RRSP cleanup attempt report–from the trenches

If you want to see what it’s like to (try to) get a straight answer from the IRS on RRSP reporting, go check out Lori’s post titled RRSP + US 1040 Filer at her blog, One Cheesecake Later.

Thanks for the email, Lori.

(I will now channel Homer Simpson.  “Mmmm, Cheesecake.”)... continue reading

June 11, 2010 - Phil Hodgen

RRSP puzzler number 1 — what are the penalties?

This post is a multi-purpose post.  It is simultaneously:

  • A plea to the universe for help in answering a rather technical question;
  • A demonstration of the needless complexity of the U.S. tax system (sheesh, as if you need yet another example of this self-obvious point);
  • A cleverly-disguised and exceedingly polite rant by mygoodself; and
  • A shameless opportunity for me to pimp my soon-to-be-completed ebook that has a current working title of “RRSPs in the USA.”
RRSPs are . . .

RRSPs are Canadian retirement plans.  For U.S. taxpayers, think of an IRA.  For readers in the U.K., think of ISAs.  For readers in Australia, think superannuation accounts.  ... continue reading