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Recently there has been a surge in the number of clients inquiring about the taxation of inherited qualified accounts, such as: Registered Retirement Savings Plan (RRSP), and Registered Retirement Income Fund (RRIF). Individuals are confused on whether to liquidate the accounts, continue investing or transfer ownership. The situation gets even more complicated in the case...
Although the government provides innumerable savings plans to encourage savings amongst its citizens, the sheer number of options can prove to be confusing. In regards to retirement, taxpayers are commonly uncertain on whether Tax Free Savings Accounts (TFSAs) or Registered Retirement Savings Plans (RRSPs) are the better route to go. While both the accounts are...
Due to a misunderstanding of the way the Internal Revenue Service treats Canadian RRSPs and RRIFs, many U.S. taxpayers residing in Canada hold a beneficial interest in a Canadian RRSP or RRIF and have failed to file the required annual information returns. They have wrongly assumed that since the Canadian income taxes they paid offset...
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