Canadian RRSPs, RRIFs and Other Foreign Funded Retirement Plans: Tax Planning and Reporting for 402(b) and Other Funded Plans
Recording of a 110-minute CPE webinar with Q&A
This course will provide tax advisers with a comprehensive guide to tax reporting requirements and planning opportunities for clients who take distributions from, or have ownership of, Canadian Registered Retirement Savings Plan (RRSP) accounts and similar accounts in other countries. The panel will discuss the U.S. tax law and treaty provisions that exempt RRSPs and RRIFs from the ordinary non-qualified funded plan treatment, detail what events trigger recognition in the U.S., and offer concrete guidance on how to plan for distributions from RRSPs and similar plans in a tax efficient manner. The panel will also show how to report those distributions, including the claiming of U.S. tax credits against Canadian taxes.
Outline
- Definition of RRSPs, RRIFs and similar funded plans
- Tax treatment and issues under IRC 402(b)
- Treaty provisions and available elections
- Distribution planning
- Other countries funded plans and 402(b) treatment
- Required filings for account ownership
- Reporting distributions and claiming U.S. foreign tax credits under IRC 901
Benefits
The panel will discuss these and other critical issues:
- U.S. treatment of contributions to foreign funded plans where those contributions are deferred in the plan’s resident country
- What treaty provisions and elections are available to equalize the tax treatment of contributions and distributions?
- What planning opportunities arise in the context of distributions from the foreign plans?
- What reporting is required for owners of Canadian RRSP/RRIF (and other similar) plan accounts?
Faculty
C. Edward (Ed) Kennedy, Jr., CPA, JD
Managing Director
C Edward Kennedy Jr
Mr. Kennedy has more than 41 years of experience dealing with a variety of international tax matters, specializing in... | Read More
Mr. Kennedy has more than 41 years of experience dealing with a variety of international tax matters, specializing in tax consulting services to a wide variety of clients ranging from closely held companies to multi-national businesses. His expertise includes domestic and foreign income and social security tax planning, tax compliance for individuals and corporations, tax treatment of incentive compensation plans, international assignment program administration, and international assignment policy design. Mr. Kennedy has also served as the U.S. practice leader for international social security matters for a Big 4 accounting firm. He is a frequent speaker in the areas of international tax compliance and reporting obligations U.S. information reporting requirements for foreign assets and foreign entities, U.S. tax implications of foreign pension and social security plans, and U.S. income and social tax treaty planning. Mr. Kennedy is a member of the Texas Bar and is licensed as a certified accountant in Georgia and Texas. He has a B.A. from Furman University and a J.D. from Vanderbilt University School of Law.
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Max Reed, LLB, BCL
Tax Lawyer
SKL Tax
As a cross-border tax lawyer, Mr. Reed assists clients with tax problems that span the US/Canada border with a... | Read More
As a cross-border tax lawyer, Mr. Reed assists clients with tax problems that span the US/Canada border with a particular emphasis on US taxation for Canadian corporations, trusts, and individuals. He has written widely on the topic of cross-border taxation and is the co-author (with Dick Pound of Stikeman Elliot) of A Tax Guide for American Citizens in Canada, technical articles on the U.S. tax treatment of the Tax Free Savings Account and Canadian mutual funds, and a series of columns for the National Post. One of this articles was given a technical award by the Canadian Tax Foundation. He is regularly invited to speak on cross-border tax issues.
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