RRSPs W9

[tdotca 41]

Hi, I am quite irked at my financial planner in Canada at the moment. And it is sad to say that I never paid attention to any of this.. as long as I was saving money somehow , I did not care what is what.

Anyone out there who left their RRSPs in Canada but had to transfer them out of their bank's financial planning 'division'?? FP knew that I would be moving but did not pursue me to get this done before I left, so I am now sort of floundering around.

Here is my story:

Because I will be a non-resident , I need to move my RRSPs out of TD's Financial Planning . Since I want it to be left with TD, I can move it to TD waterhouse.

I was told by TD waterhouse that I need to open new acct; then do a transfer from existing to new acct. I need to also do a W9.

re: W9 .. there is not much on this form to fill in however I would like to get clarification about part 1 . Taxpayer Id number ( TIN). I presume I would enter my SSN even though it has "valid for work only with DHS authorization"? Ps: if/when I do get my EAP approval, do I have to go back to the SSN office to get that 'valid for work..." off my SSN Card?

Thanks Valerie

[Exocet 88]

Why do you have to transfer your RRSP? Can't you just leave it alone?

[NikLR 13,227]

You dont have to transfer your rrsp, but you do have to declare them on your US taxes.

A W9 just needs your SSN. I had to give a W9 to both of my banks after obtaining my SSN because I had joined or opened the accounts while still in Canada using a w8ben.

[Flames9_RN 358]

I was able to leave my RRSPs back in Canada....They did have to send me some forms (no clue what they were) and of course one has to notify the IRS on form 8891 Maybe ask here http://forums.serbinski.com/viewforum.php?f=2&sid=c25e48bbda5936bd0243f4d730a93d16

[Udella&Wiz 325]

Time for us all to read the Serbinski tax forums - Form 8891 is now obsolete and has been replaced by Form 8938 - this thread is quite extensive and I ended up reading the form instructions as well as the form itself.

Are you taking withdrawals or disbursements from your RRSP (in which case you're reporting it as income on your US taxes)

If you're like me (long way from retirement) and have a Locked-In fund which is sitting back in Canada where the interest or gains/losses roll back into itself and NOT taking disbursements.

You may or may not need to declare it based on the $$$ value and whether you're single, married, filing jointly or separately. There are bottom thresholds which govern when you have to start reporting it...read their instructions. My little Canadian fund isn't very big so I may not have to report it for many years unless I start taking disbursements or choose to withdraw the funds entirely.

http://forums.serbinski.com/viewtopic.php?t=9042&sid=b575b0a215b3afcc42c9bee849b1bc37

Edited April 16, 2015 by Udella&Wiz

[tdotca 41]

Why do I have to move it? I had the same question but I am told that as a non resident , I am no longer able to invest/ contribute any further( which I understand and am ok with) . To me, this simply means that the FP has no business and in that case , my stuff needs to be out of that 'division'. I personally don't see why it can't stay where it is. Was not only personally told by the FP but via a TD document that she sent me.

I am not touching my RRSP until I desperately need the money and/or until I am at the official retirement age. RRSPs are being left in Canada.

I understand that I have to declare to US taxes ( and that would be next year, I presume).

@NLR.. thanks for confirming it is the SSN I need to enter. but can you tell me if /when I get my EAP, if I need to do anything in order to get rid of that "valid for work....." saying on the SSN card or it is left as such? Also what about if/when I get my green card, do I have to do anything as well?

[Flames9_RN 358]

Why do I have to move it? I had the same question but I am told that as a non resident , I am no longer able to invest/ contribute any further( which I understand and am ok with) . To me, this simply means that the FP has no business and in that case , my stuff needs to be out of that 'division'. I personally don't see why it can't stay where it is. Was not only personally told by the FP but via a TD document that she sent me.

I am not touching my RRSP until I desperately need the money and/or until I am at the official retirement age. RRSPs are being left in Canada.

I understand that I have to declare to US taxes ( and that would be next year, I presume).

@NLR.. thanks for confirming it is the SSN I need to enter. but can you tell me if /when I get my EAP, if I need to do anything in order to get rid of that "valid for work....." saying on the SSN card or it is left as such? Also what about if/when I get my green card, do I have to do anything as well?

Could just be their policy. Sort of like how President choice wanted to close my banks accounts when I told them I was moving to the USA....It is their policy if ur not a resident of Canada, they close ur account. I can't recall who I had my RRSPs with (I cashed them out yrs ago) thought it was TD??

[NikLR 13,227]

Why do I have to move it? I had the same question but I am told that as a non resident , I am no longer able to invest/ contribute any further( which I understand and am ok with) . To me, this simply means that the FP has no business and in that case , my stuff needs to be out of that 'division'. I personally don't see why it can't stay where it is. Was not only personally told by the FP but via a TD document that she sent me.

I am not touching my RRSP until I desperately need the money and/or until I am at the official retirement age. RRSPs are being left in Canada.

I understand that I have to declare to US taxes ( and that would be next year, I presume).

@NLR.. thanks for confirming it is the SSN I need to enter. but can you tell me if /when I get my EAP, if I need to do anything in order to get rid of that "valid for work....." saying on the SSN card or it is left as such? Also what about if/when I get my green card, do I have to do anything as well?

When you get your green card is when you can change the SSN card not to read "valid with work authorization only"

[cindymaeve 1]

Is it wise to leave RRSP's in Canada until ready to cash them out? Or is better to cash them in before leaving, to avoid taxes later as a permanent resident in US?