I'm a US resident with RRSP account in Canada. If I rollover my RRSP from one Canadian institution to another Canadian institution, then do I need to file any IRS form? If the answer is yes, then what IRS form do I need to use?
You'll need to sign in or create an account to connect with an expert.
No, there is no reporting necessary to the IRS for an RRSP rollover. In 2014 the IRS dropped Form 8891 that Canadians needed to file to get a tax deferral on their earnings.
Under this change, many Americans and Canadians with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) now automatically qualify for tax deferral similar to that available to participants in U.S. individual retirement accounts (IRAs) and 401(k) plans. In general, U.S. citizens and resident aliens qualify for this special treatment as long as they filed and continue to file U.S. returns for any year they held an interest in an RRSP or RRIF and include any distributions as income on their U.S. returns.
No, there is no reporting necessary to the IRS for an RRSP rollover. In 2014 the IRS dropped Form 8891 that Canadians needed to file to get a tax deferral on their earnings.
Under this change, many Americans and Canadians with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) now automatically qualify for tax deferral similar to that available to participants in U.S. individual retirement accounts (IRAs) and 401(k) plans. In general, U.S. citizens and resident aliens qualify for this special treatment as long as they filed and continue to file U.S. returns for any year they held an interest in an RRSP or RRIF and include any distributions as income on their U.S. returns.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
maharshipatelus
Level 1
TiredRN
New Member
Juan38
Level 1
cryslarc1
New Member
abby8price
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.