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U.S. reporting rules for RRSPs and RRIFs
If you own a Canadian RRSP or RRIF, under U.S. domestic law, you are required to include income and gains earned inside your RRSP or RRIF in your taxable income for U.S. tax purposes on a current year basis, rather than when this income is withdrawn (which is the case for Canadian tax purposes). Due to this timing mismatch, double taxation can result. However, there is relief under the Canada-U.S. Tax Treaty, which allows a U.S. person to elect to defer recognition of the income and gains in their U.S. taxable income until such time as the income is withdrawn from their RRSP or RRIF.


Filing deadlines
Normally you must file your U.S. return for a particular year no later than April 15th of the year following the year in issue. However, there is an automatic extension to June 15th if you are resident outside the U.S. on April 15th. For example, if you are a U.S. person and are resident in Canada on April 15, 2010, you must file your 2009 U.S. tax return by June 15, 2010.

Welcome and thank you for visiting the website of Ravine Ly & Associates, Inc.

We can help you save on taxes and free up time for you to run your business. Through our work with businesses across Canada and the U.S., we have developed valuable expertise in accounting and tax practices that can immediately benefit any new or existing companies.

We know the complexities of accounting and tax laws. Accounting and tax are not just what we do- it is ALL WE DO.