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Author: spongeLarry Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 1193  
Subject: Re: Must RRSP be reported by US Citizen? Date: 7/3/2007 11:17 PM
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Hmmm... I was very diligent in reading the instructions to the 1040 and 1040NR forms. I didn't see any reference to form 8891. Well, I know now so I'll submit that one next year.

Say, Spiffy, I got another question: I'm about to transfer my pension to a locked-in RRSP at CIBC and there is an excess amount I can't transfer and this excess exceeds my RRSP contribution room, so I have to take this excess as cash. Of course they will subtract the tax. I'm a U.S. resident now. This cash should be reported on my Canadian income tax, so I can recover the withheld tax, right? And there is a spot on the 1040NR, I recall (specifically, page 5, section L) where this can be reported to the IRS.

But for this, or any other income, its either taxed by Revenue Canada or by the IRS, but not both?!? Surely it is not double-taxed?

Any tips on the pension transfer is appreciated.

Have a great 4th of July!
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