I live in Miami, Florida I moved here in 1980 from Canada. I left about C$18,000 in a Register Retirement Savings Plan (RRSP) in Canada. It has now grown to about C$120,000. I have taken no distributions. Recently, I have become aware that I was supposed to have reported the RRSP to the IRS each year and claimed a deferral from US taxes. I have never done this. Can you assist me in catching up with this reporting requirement and claiming the deferrals? ================================= david ingram replies Sure - The original regulation was passed in 1989 as REV.PROC 89-45 The next one in 2003 was Rev-Proc 2003-25 and was very nasty and applied to the 2002 year. To fix them, I need you to fax me your page 1, page 2 and Schedule B of your 2002, 2003 and 2004 tax returns (read the bottom two questions on Schedule B). I also need the Dec 31, 2001, 2002, 2003, and 2004 year end statements for the RRSP faxed to me. Assuming one RRSP, the fee would be $700 Canadian and include the T DF-90.22 form which is the most important here. The T DF-90.22 is the most important form here. The failure to report the RRSP (which is an offshore trust in the US authorities eyes - see bottom question on Schedule "B") is technically liable for a fine of up to $500,000 plus 5 years in jail. Lots of people are fined. In one case, I had a 105 year old lady with a $10,000 fine (she had $338,000 in a Canadian Royal Bank of Canada account and was reporting the interest but not filing the T DF-90) and a 68 year old lady with a $60,000 fine (she had about $200,000 in a Nova Scotia account and was not reporting the interest or the account - she actually received a suspended 6 month jail term as well). Fax them up to me at (604) 980-0325 or mail them but whatever you do, KEEP COPIES which is why the faxing works well. David Ingram's US/Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Res (604) 980-3578 Cell (604) 657-8451 (604) 980-0321 Fax (604) 980-0325 Email to taxman at centa.com www.centa.com www.david-ingram.com Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" ============================== \r copied to: George Arora CPA, MBA, MST -- No virus found in this outgoing message. Checked by AVG Anti-Virus. Version: 7.0.300 / Virus Database: 265.8.8 - Release Date: 2/14/05 -------------- next part -------------- An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede/attachments/20050217/d840828b/attachment.htm
