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Retirement tax questions
Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are generally treated the same as U.S.-based retirement plans such as 401k and IRA accounts. In other words, income in these plans is usually exempt from U.S. income tax until distributions are taken from the plan.
If you have a RRSP or RRIF, you generally need to report any distributions from these plans. In some cases, you may need to report current income as it accrues in the plan.
This is not treated nor taxed the same way as US Social Security but is reported as a taxable pension on line 5b of the 1040.
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‎February 7, 2023
2:13 PM