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U.S. Citizens or Residents must report contributions to Canadian registered retirement savings plans (RRSPs) and also registered retirement income funds (RRIFs) as well as their undistributed earnings. The reporting is also used to report distributions received from these plans.

Additionally the taxpayer can make an election to defer U.S. Income Taxation on income earned or accrued but not yet distributed from these plans.

Most importantly, as this relates to FBAR and FATCA reporting (see FBAR and FATCA pages on this website), the Canadian Retirement plan value is required to be taken into consideration as to the Calculation of the FBAR and FATCA reporting requirements and may indeed trigger the requirement to file these other forms.

For more information or to set up a consultation with Michael Shapiro CPA
please email or call (619) 280-9400