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On episode #7 of Crossing the 49th we discuss Canadian RRSPs and how they affect US expats living in Canada.
What are RRSPs?
How do they work?
Tax deduction
Spousal RRSPs
Home buyers plan
When they RRIF 71 years old
Impact on US Citizens in Canada?
US IRA versus Canadian RRSPs
Old 8891 form not used anymore
8833 treaty election
FBAR and 8938 reporting
Transferring your IRA to your RRSP
RRIF splitting
Likely not worth it
You can also stay updated on US Expat Tax and financial planning issues by following us at:
#RRSP #expats #tax #Canada #US
Disclaimer: The information contained in this Podcast and YouTube video is for information purposes only and should not be construed as tax or financial planning advice. Tax and financial planning rules change from year to year and the information contained within may be outdated. Ensure to engage an experienced and competent tax and financial planner to help you with your tax and financial planning needs….(read more)
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Are there any other retirement vehicles American expats can take advantage of? From my understanding,the TFSA is available however since it's not recognized in the US so it's not a good idea to contribute to it.
Very useful video and channel. Thank you!
Never worked in USA, moved to Canada when I was 13, no plans on moving back. Has been so tricky to figure out what forms to fill out for the RRSP. Used to be the 8891, then was told the 8381 which really is just all the same info from the FBAR, but it listed different forms for RRSP. To clarify is BOTH the 8833 and the 8938?
I pretty much gave up having an education savings account for my children (RESP) because would just be taxed in USA. Why so difficult and cumbersome? The only country in the world to require this level of taxation for citizens living abroad who have no representation. Ridiculous!
great discussion, always benefit from listening to you
Thanks for covering this topic. For dual citizens, which country, from a tax perspective, is the best country to retire and pay the least in taxes on CPP/QPP, OAS, SS and RRSP distributions?
Although this topic may seem quite familiar to most it can contain a fair amount of complexity. If you have any questions on items discussed in the video above please leave a comment below and I'll do my best to answer them. Thanks!