ARTICLE · 16 OCTOBER 2014

The IRS Changes RRSP And RRIF Reporting Rules

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The United States taxes not just individuals living in the United States, but also U.S. citizens and residents living abroad.

CanadaTax

Kevyn Nightingale

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The United States taxes not just individuals living in the United States, but also U.S. citizens and residents living abroad. It is possible to be a resident of the United States, even if you live in Canada, for instance, by holding a 'green card'.

There are many Americans (living in the U.S., Canada and third countries) who hold individual Canadian retirement accounts. These accounts come in a range of flavours. The ones addressed here include:

Registered Retirement Savings Plan (RRSP)
Registered Retirement Income Fund (RRIF)
Locked-in Retirement Account (LIRA)
Life Income Fund (LIF)
Locked-in Retirement Income Fund (LRIF)

There is some uncertainty as to whether a 'group' RRSP would fall into this category. This is a very technical question that is not addressed in this blog.

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