Monthly Archives: October 2014

IRS eliminates some reporting obligations for US citizens with Canadian RRSPs

U.S. citizens living and working in Canada may be required to participate in a Canadian retirement plan. Any income credited to the retirement plan is not subject to U.S. income tax, but until recently, annual reporting was required. In Revenue Procedure 2014-55, the IRS greatly simplified the reporting requirements, eliminating the need to file an annual Form 8891. Some disclosure rules may still apply to ownership of an RRSP account.