U.S. reporting requirements for Canadian RRSPs/RRIFs
As requested by the AICPA Tax Division's Form 3520 Task Force in August 2003, Notice 2003-75(2) sets forth a simplified reporting regime for taxpayers with interests in Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs), effective for tax years b...
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| Veröffentlicht in: | The Tax Adviser 2005-03, Vol.36 (3), p.146 |
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| creator | Sullivan, Neil A.J |
| description | As requested by the AICPA Tax Division's Form 3520 Task Force in August 2003, Notice 2003-75(2) sets forth a simplified reporting regime for taxpayers with interests in Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs), effective for tax years beginning after 2002. A Canadian RRSP is similar to a Sec. 401(k) plan. Canadian employers often contribute on a tax-deferred basis to an account in an employee's name. The difference is that current-year earnings of an RRSP or RRIF need to be reported on Form 1040, unless an affirmative election is made to defer tax until funds are distributed. For current-year undistributed earnings (i.e., interest, dividends or capital gains), one can either (1) report income currently on Form 1040, Schedule B or D or (2) elect to defer reporting income until funds are distributed to the account holder. The election is made by attaching a statement to the return containing information prescribed in Rev. Proc. 2002-23, Section 4 and Notice 2003-75, Section 2.02. |
| format | Magazinearticle |
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| identifier | ISSN: 0039-9957 |
| ispartof | The Tax Adviser, 2005-03, Vol.36 (3), p.146 |
| issn | 0039-9957 |
| language | eng |
| recordid | cdi_proquest_reports_194970849 |
| source | Business Source Complete |
| subjects | Beneficiaries Financial reporting Fines & penalties Foreign tax credits Income funds Income Tax Act-Canada Income taxes Information returns Laws, regulations and rules Pensions Registered retirement savings plans Reporting requirements Retirement plans Task forces Tax credits Tax elections Tax rates Tax treaties Taxable income |
| title | U.S. reporting requirements for Canadian RRSPs/RRIFs |
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