Canadian Retirement Plan Reporting Requirements are Simplified

Owners of Canadian retirement plans received good news today when the IRS announced that taxpayers with registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) will now automatically qualify for tax deferral similar to that available to participants in IRAs and 401(k) plans in the U.S. To qualify, U.S. citizens and resident aliens can receive this treatment so long as they did file and continue to file, income tax returns in the U.S reporting distributions as income. Form 8891 will no longer be required by taxpayers, and retroactive relief is available for qualified taxpayers as well.

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