I received a dozen requests for the new form which I sent out to everyone on
August 31st as an attachment. However, a lot of people seemed to have
either killed that email without reading the attachment or had it taken out
by filters.
Only one reader, Andrew Nelson, pointed out that the form number was wrong.
I was actually filling one out as an experience and the address for my dummy
form was
8601 "something" street
and somehow or other 8891 became 8106 - I even transposed the 8601 to 8106.
Too tired.
If you have a Canadian RRSP and are a Resident Alien of the US for tax
purposes or an American living "ANYWHERE" (Paris, Rome, Vancouver, Beijing)
print out the form and try filling in in "now" as practice. Or just send it
to us.
The message from Andrew and the link to the DRAFT RRSP reporting form
follows:
===========================
David
The IRS form is 8891 and is available in draft form on the IRS website:
http://www.irs.gov/pub/irs-dft/d8891.pdf
AGN
-----Original Message-----
From: centapede-bounces at lists.centa.com
[mailto:centapede-bounces at lists.centa.com] On Behalf Of
centapede at lists.centa.com
Sent: Thursday, September 30, 2004 02:44
To: CENTAPEDE
Subject: [Cen-tapede] California State Tax and RRSPs TD F-90.22, 8106
REV.PROC 2003-75 - T1161, T1243, T1244 - Ask an International real
estate mutual funds immigration income tax expert experts - David Ingram
's CENTA Services in North Vancouver BC Canada on Fred
QUESTION:
We have a Canadian client who has recently married a US citizen. She is
a US resident and he is a Canadian resident. They will likely retire in
California. If they do, will he be subject to state tax on the annual
growth of his RRSP? ==========================================
david ingram replies:
You are correct. The Canadian Client will have to report the internal
earnings of his RRSP on both his US Federal and California Income tax
return.
The New Form for this (Number 8106) has not been released although I do
have a draft copy and sent it out on (I think) Aug 31st, if you are
saving these. If you (or anyone else) want another copy, write back and
ask.
The form gives you a place to exempt the internal earnings on the
Federal return under the terms of REV-PROC 2003-75.
However, California does not recognize the form or the treaty with
Canada where the USA / Canada Income Tax Treaty / Convention allows tax
on the internal earnings to be deferred. This means that your client
will have to pay income tax to California while not paying tax to the US
federal government.
It is not all bad, paying the tax means that the tax free ACB of the
RRSP increases for the purposes of California tax in the future.
When your client leaves Canada, he has to fill out T1161, T1243, T1244
for Canada and then he will have to fill out forms TD F-90 and the new
8106 for the USA.
====================
Answers to this and other similar questions can be obtained free on Air
every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Dundee
Wealth Management and I, David Ingram will be hosting an INFOMERCIAL
but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the
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=========================================
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============================ David Ingram's US/Canada Services US /
Canada / Mexico tax, Immigration and working Visa Specialists US /
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(604) 980-0321 Fax (604) 980-0325
Email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com
<http://www.centa.com> www.david-ingram.com
<http://www.david-ingram.com/>
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