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or an annuity until age 69; once this happens, a minimum amount must be withdrawn each year.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).