RRSP taxes as a U.S. resident

Withdrawing your RRSP as a U.S. resident? Here's how it's taxed 🇨🇦➡️🇺🇸

✅ If you're a non-resident of Canada, RRSP withdrawals have 25% tax withheld
✅ You’ll receive an NR4 slip from your Canadian institution
✅ If that’s your only Canadian income, you don’t file a return there
❗ But you must report it in the U.S. — worldwide income rules still apply

Thinking of putting it into a U.S. IRA?
🚫 Doesn’t make sense — you already paid tax on it.

💡 Planning tip: In some cases, you can reduce the tax hit with income timing strategies—but it’s case-by-case.

#RRSP #CrossBorderTax #AkifCPA #TaxTips #CanadaToUS #FinanceTok #RetirementPlanning #USCanadaTaxes #CPAAdvice

Check out my video for why it doesn’t work — and what happens when you withdraw.

#RRSP #IRA #CrossBorderCPA #TaxTips #RetirementMoney #USCanadaTaxes #AkifCPA #FinanceTok #TaxTok #CPAInsights

🇨🇦🇺🇸 Can You Roll Over Your RRSP Into a U.S. IRA? Here's What You Need to Know

Full video on my YouTube Channel:    • Can You Roll Over Your RRSP Into a U....  

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