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Tax Issues
New Tax Treaty between Canada and U.S. signed Sep 21,2007
Canada U.S. Tax Treaty Changes - Fifth Protocol
Technical Explanation of the Fifth Protocol
presented by U.S. Treasury Department
to the Senate Foreign Relations Committee 07/11/2008
Canada U.S. Income Tax Treaty Consolidated with Fifth
Protocol Amendments
A consolidated version of the Canada
U.S. tax treaty with amendments made by the fifth
protocol incorporated. Not available anywhere else as of
the date posted. IRS and Canada Revenue do not have a
consolidated version available.
Taxable
Portion of RRSP withdrawals for US taxpayers
Computing the nontaxable portion of an RRSP
withdrawal for a US citizen or resident can be a daunting task. Even the
rules for lump sum withdrawals or RRIFs and annuities are quite different.
The first thing to do is determine your "investment in the contract" Part
1 of our new worksheet is now available and can be downloaded to help
determine your cost for US tax purposes. Click on the link below:
Summary of RRSP Contributions and Earnings Worksheet
Our worksheet to help determine the nontaxable portion of RRSP withdrawals.
Complex rules, which change depending on the year of contributions, may
allow for a portion of RRSP/RRIF withdrawals to be tax free for U.S.
federal tax purposes. Different states may have different rules than
federal.
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Taxable Portion of Pensions Derived in the U.S. for Canadian Residents
The attached paper was prepared for Canadian
resident recipients of pensions from the United Nations - a U.S. source
pension. The Canada U.S. Tax Treaty allows for taxing the pension in
Canada under U.S. rules. The topics covered cover most tax issues
for both US and Canadian residents on determining the lower taxable
portion. In many cases both contributions by the taxpayer and the employer
can be excluded.
Taxation of UN pensions for Canadian Residents
Internal Revenue Service and
Canada Revenue Information |
