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form 8891

Canada Us Tax IRS personal taxes US Tax Forms

Update on late election for RRSPs – Form 8891

November 4, 2013

We posted an article earlier this year regarding the requirements for individuals who have to disclose their RRSP or RRIF accounts to the IRS to elect the deferral of any accrued income. One of the covered topics was the late filing of disclosure Form 8891. The IRS has just released a Private Letter Ruling (PLR, a...

Canada Us Tax personal taxes US Tax Forms

Do you have U.S. Reporting Requirements for your RRSP or RRIF Account?

October 4, 2013

If U.S. citizens or residents own Canadian Registered Retirement Savings Plans (‘RRSPs’) or Registered Retirement Income Fund (‘RRIFs’), the accrued earnings in the accounts are taxable in the U.S. unless a Form 8891 is filed. This form allows for an election pursuant to the Canada-US Income Tax Treaty to defer U.S. income tax on income...