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New Member
posted Jan 14, 2026 3:23:13 PM

Retirement Savings Plan in Canada

Annual growth within your RRSP remains tax deferred in the USA, so no annual reporting will be required apart from any foreign disclosure reporting. Any distributions from the account will be taxable in the USA.

 

Question: what forms to use with TURBOTAX online and the currency to use: CDN $ or US $ i.e., convert the CDN $ into US $ using the exchange rate for that day of filing the tax?

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Employee Tax Expert
Jan 14, 2026 3:36:46 PM

All US tax forms are completed with US dollars.  You convert using the closest available date to the date that the money was received.

 

Distributions from a retirement plan are reported under "Retirement Income" in the 'Wages and Income' section of TurboTax.  You will tell the system you have foreign retirement income when reporting it and the system will walk you through the steps to enter it.