This item explains the evolution of the IRS reporting requirements for Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (
RRIFs).
Under the change, the IRS said that Americans with Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (
RRIFs) now automatically qualify for tax deferral similar to that available to participants in U.S.
In most instances, it's also advantageous to defer converting an RRSP into a
RRIF or an annuity until age 69; once this happens, a minimum amount must be withdrawn each year.
Exhibit 1: Summary of Federal Transportation Lending Programs Lending Limit as Minimum Percent of Project Program Project Cost Cost TIFIA $100 million for 33% http://tifia.fhwa.dot.gov construction, 49 CFR 80 $30 million for intelligent transportation systems State Infrastructure Bank Set by SIB Set by SIB www.fhwa.dot.gov/ (up to 100%) innovotivefinance/sib.htm Section 129 Loans None 80% www.fhwa.dot.gov/innovative- finance/ifp/credass.htm Tapered Match None Local match percent www.fhwa.dot.gov/innovative- for type of project finance/ifp/innomon.htm
RRIF None 100% www.fra.dot.gov 49 CFR 260 Repayment Program Interest Rate Period TIFIA Tied to similar 35 years http://tifia.fhwa.dot.gov maturity U.S.
You can also transfer your RRSP funds to a
RRIF, without paying tax (
RRIF income will be taxable as received).
The self-directed plan also facilitates the transition to a registered retirement income fund or
RRIF.
* accumulation annuity, an RRSP and a
RRIF will be protected for up to $200,000 of life insurance and for up to the following withdrawable amounts:
They said this would also protect and strengthen the existing financing programs available under USDOT and other agencies, including the Railroad Rehabilitation & Improvement Financing (
RRIF) program, the Transportation Infrastructure Finance and Innovation Act (TIFIA) and the EPA's Water Infrastructure Finance and Innovation Act (WIFIA).
Registered Retirement Savings Plan (RRSP) & Registered Retirement Income Funds (
RRIF) Withdrawals from both RRSPs and
RRIFs are taxable to the recipient and may impact the above noted income-tested benefits.
Examples of such plans include an RRSP, a registered pension plan, or an
RRIF. The Treaty requires a taxpayer to elect the application of Article XVIII(7).