Taxation of RRSPs, RRIFs & LIRAs

The number one question we field is "What should we do with our RRSPs or RRIFs or LIRAs in Canada ?" These registered plans are so misunderstood and the complexities so diverse that professional help must be sought before doing anything with them. A lot of the planning strategies depend on your unique situation, what your longer-term goals/objectives are and the amount at hand. There is no standard answer and a detailed analysis is required in each situation to determine the best course of action. Listed below are the key myths and facts about registered plans in Canada . There are some particularly onerous issues related to Locked-In Retirement Accounts (LIRAs) in Canada that are addressed in the Investment Planning section of this website.

	Fact - RRSPs/RRIFs/LIRAs are taxable in the US!
	Myth - You can roll an RRSPs/RRIFs/LIRAs into a US IRA
	Myth - Lump-sum RRSPs/RRIFs/LIRAs withdrawals have a 10% withholding
	Myth - The withholding tax can be paid from outside the RRSP/RRIF/LIRA

Income Tax Planning
	Tax Filing Requirements - which tax return do you file? In which country? When?
	Severing Ties With Canada - make sure you are not taxed in both Canada and the US!
	The Canada/US Tax Treaty - learn what it is and how it works.
	Taxation of RRSPs/RRIFs/LIRAs - landmines in waiting.
	Taxation of Interest & Dividends - potential for double tax.
	Taxation of Capital Gains - Which country taxes? Canada/US comparison.
	Taxation of Pensions - company pensions, OAS, CPP/QPP.
	Social Security Number - or Individual Taxpayer Identification Number, why you might need one.
	Taxation of Rental Properties - a paperwork nightmare how to apply.
	Foreign Tax Credit Planning - your ticket to avoiding double taxation.
	Key Differences - Canada/US comparison of tax brackets, deductions, and so on.