Personal Finance

US Resident Filing Return in Canada re: liquidated RRSP

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  • Apr 21st, 2015 6:42 pm
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Newbie
Apr 20, 2015
1 posts
Toronto, ON

US Resident Filing Return in Canada re: liquidated RRSP

Thanks for being here, Everyone. I'm really hoping someone can answer this question.

I have lived in the States for over two decades now and thought I no longer had any financial connection to Canada. Turns out I had a long-forgotten RRSP worth about $15K that my father (living in Canada) had been administering. I've now cashed it out and paid the appropriate withholding/penalty because I didn't want to get into the whole notification of foreign accounts/cross border issue but I'm now wondering what I have to file in Canada in the way of taxes this week. I would really like to avoid having it affect my US tax return if at all possible. I'm confident that I don't owe any taxes on it so at least I don't have to worry about that. In the future, the only probable contact I'll have with Taxation Canada is when I receive an inheritance.

Thanks for any help!
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Dec 31, 2011
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Yellowknife
SPBA03 wrote: Thanks for being here, Everyone. I'm really hoping someone can answer this question.

I have lived in the States for over two decades now and thought I no longer had any financial connection to Canada. Turns out I had a long-forgotten RRSP worth about $15K that my father (living in Canada) had been administering. I've now cashed it out and paid the appropriate withholding/penalty because I didn't want to get into the whole notification of foreign accounts/cross border issue but I'm now wondering what I have to file in Canada in the way of taxes this week. I would really like to avoid having it affect my US tax return if at all possible. I'm confident that I don't owe any taxes on it so at least I don't have to worry about that. In the future, the only probable contact I'll have with Taxation Canada is when I receive an inheritance.

Thanks for any help!
why not punch in your information in one of the tax filing software as a trial to see how it would work out
some provide you with tips as you complete them
then you can decidce what to do

BTW, Canada and US share tax information on some dual residents in selected states like Florida, Arizona, California

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