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Level 2
posted Sep 29, 2022 6:31:45 PM

Do I need to report contributions to a foreign retirement plan if I didn't receive any payments?

I am a U.S. citizen working/living in Canada. Through my work, I have a Canadian RPP (Registered Pension Plan) using Manulife. Both I and my employer make contributions, but I do not receive any payments. Does this still count as income? If so, do I need to file the "Canadian Registered Pension Income" in Turbotax? If it doesn't count as income (since I have only made contributions, not taken any out), do I need to report my contributions on my taxes? 

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3 Replies
Level 15
Sep 29, 2022 6:52:43 PM

Contributions are NOT income to be reported on an income tax return. 

Level 2
Sep 29, 2022 7:01:29 PM

So I don't have to include anything about my foreign pension on my taxes if I didn't actually receive any distributions/payments? Also, if I only made contributions, do I need to include the amount in my pension account on the FBAR?

Level 2
Sep 29, 2022 7:59:53 PM

If you didn't receive any distribution or payments from your foreign pension, it's not your income.

Individual income tax is normally cash-based. Income occurs when you actually receive the money.

 

As for FBAR,

A U.S. person, including a citizen, resident, corporation, partnership, limited liability company, trust and estate, must file an FBAR to report:

  1. a financial interest in or signature or other authority over at least one financial account located outside the United States if
  2. the aggregate value of those foreign financial accounts exceeded $10,000 at any time during the calendar year reported.

You may check out FBAR details here. https://www.irs.gov/businesses/small-businesses-self-employed/report-of-foreign-bank-and-financial-accounts-fbar