accounting for a Canadian pension plan to the IRS form 8891 - TDF-90-22.1
QUESTION:
For the last few years, we have been filing the TDF 90-22, listing our Canadian RRSPs.
How does a Canadian pension plan get accounted for? There is an estimated annual pay out amount, but it's not like a determined RRSP account over which I have control
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david ingram replies:
At the moment, for the most part, Canadian company pension plans are not being reported because no one has really figured out how to account for them and they are not voluntary and are not in your control.
That is my understanding and I am willing to be corrected but no one I know is reporting their company pension.
However, you do not mention form 8891 which must be used to report the internal earnings of your RRSP. The penalty for not filling in form 8891 is 35% of the amount in the RRSP plus 5% of the balance for each year you do not report it.
For the last few years, we have been filing the TDF 90-22, listing our Canadian RRSPs.
How does a Canadian pension plan get accounted for? There is an estimated annual pay out amount, but it's not like a determined RRSP account over which I have control
_______________________________________________________________________
david ingram replies:
At the moment, for the most part, Canadian company pension plans are not being reported because no one has really figured out how to account for them and they are not voluntary and are not in your control.
That is my understanding and I am willing to be corrected but no one I know is reporting their company pension.
However, you do not mention form 8891 which must be used to report the internal earnings of your RRSP. The penalty for not filling in form 8891 is 35% of the amount in the RRSP plus 5% of the balance for each year you do not report it.
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