IRS Simplifies Reporting for RRSP’s & RRIF’s

On October 7, 2014, the Internal Revenue Service (IRS) announced that is was making the reporting rules for Canadian registered retirement savings plans, RRSP’s and RRIF’s much easier. Background The United States tax code does not recognize the tax-deferred status of Canadian registered retirement plans and requires that the income be reported on a tax return annually. However, the tax treaty…

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