1 Tax Issues related to holding Canadian assets, Estate issues & other matters Carol-Ann Simon, Shareholder Masataka Yamaguchi, International Tax Manager January 14, 2014
2 Case Study: Client Assumptions & Goals Brad & Barbara are in their 50 s with 2 teenage daughters They are Canadian citizens and residents and will soon move to Oregon for Brad s new job opportunity. They will stay at least 2 years. Unsure if this move is permanent, they will rent their home in Canada.
3 Assumptions & Goals (cont.) They will rent a home in the US until they make their decision on staying permanently. They will leave their investments in Canada for now.
4 Assets & Liability Assets RRSP s Brad $500,000 Barbara $200,000 Mutual Fund Trusts Brad $300,000 Barbara $150,000 RESP s (education savings plans) Each Child $20,000 Stocks Principal Residence Unexercised Stock Options Brad Liability $400,000 (unrealized gain $200,000) $1,500,000 (unrealized gain $700,000) $10,000 share options Mortgage $500,000
5 Canadian Consequences Demonstrate that you are leaving Canada for at least 2 years, and are acquiring residency in another country - Canadian tax residency will cease. Deemed disposition of all capital assets* at market value pay capital gain tax (aka departure tax ) Will no longer be taxed on worldwide sources of income, only Canadian sources. *Except Canadian property such as real estate or shares in a Canadian controlled private corporation.
6 Deemed Disposition of Assets Canada/US protocol to treaty (2007) To prevent double tax, you can make an election in the US to deem the disposition and reacquisition of your assets at fair market value, so that the taxing moment is the same in Canada and the US. (i.e. they can claim a foreign tax credit) Planning Point Since the tax needs to be paid anyway, consider actually selling the assets subject to deemed position.
7 Rent of Canadian Home Default rule: NRT of 25% to be withheld on gross rent Election available: Voluntarily file a separate Canadian rental tax return for this income (called Section 216 Return ), reporting all income and related expenses. Pay Canadian tax at graduated rates on net income.
8 Rent of Canadian Home (cont.) To prevent 25% NRT throughout the year- File NR6 before renting, and for each new tax year. Withholding is on projected net rent only, and commit to filing a 216 Canadian nonresident return.
9 Sale of Canadian Principal Residence After Move to US Selling Canadian real estate as a nonresident is subject to 25% NRT withheld on the gross proceeds (much like the US FIRPTA regime for US nonresidents) Apply for a clearance certificate with Canada Revenue Agency before sale, since gain on a sale of a principal residence is exempt. Reduces/prevents withholding.(form T2062, or Form T2062A if rented out) Do this application as soon as you have an offer, in order to get CRA response in time for closing.
10 Sale of Canadian Principal Residence After Move to US (cont.) Canadian principal residence exemption is year by year if hold property while also a non resident of Canada, or while use is changed to a rental, exemption is prorated and a portion of any gain is then exposed to Canadian tax.(form T2091) Once you apply for tax clearance certificate you commit to filing Canadian nonresident return to prove your exemption or reduced tax.
11 Change in use of an Asset Canada has change in use rules for assets once you change a personal property to business property (i.e. rental) you trigger a deemed disposition. (Also true in reverse.) You can elect not to have the change in use disposition if converting a property from or to a principal residence. Cannot have ever claimed Canadian depreciation while renting in order to make these elections.
12 US Tax Consequences: Rental Income on Canadian Home All income and expenses reported on resident US returns. Depreciation claimed according to US rates and rules (must use 40 yr SL, not 27.5 MACRS) Rental losses may be denied as a current deduction under the passive activity rules, if gross income over $150K. When selling a Canadian residence that was rented, any passive losses from that activity will be freed. Upon sale, check if US 2 out of 5 years rule applies to claim US principal resident exemption.
13 Exchange Effects Watch out for potential gain on extinguishment of foreign debt such as a mortgage. If pay off a foreign debt with fewer US dollars than when the debt obtained, can be a foreign exchange gain that is taxable. Note: gain cannot be offset by exchange loss on sale of home
14 Canada-US Tax Convention Special feature: Article 13, Paragraph 6 If you have a home that was your principal residence at the time you left Canada and you sell it while residing in the US, the US basis shall equal fair market value at time of sale. Avoids potential US tax on gain (i.e. if US rules don t allow for full exclusion of gain) (i.e. US domestic law would only give $500,000 exclusion for joint filers, $250,000 gain for separate/single filers)
15 RRSP s/rrif s US domestic law would tax any earnings in these plans if not for an election to defer under the Canada-US tax treaty Taxation of withdrawals: US taxes the increase in value in the RRSP once you have left Canada Value built up in the plan up to date of leaving Canada is treated as basis (much like US annuity rules in S.72), plus any income you choose to have taxed instead of deferring.
16 RRSP s/rrif s (cont.) Canada withholds 25% NRT on lump sum withdrawals, and 15% on periodic distributions from RRIF s or other annuities Can claim foreign tax credit in the US, but not on the portion that the US considers non-taxable basis. (Oregon allows foreign tax credits up to $3,000, but since it is part of the federal tax deduction not much relief). Could also claim the foreign tax paid as an itemized deduction, but watch for AMT.
17 Special Reporting TDF Report of Foreign Bank Accounts ( FBAR ) Bank accounts, Stock brokerage accounts, mutual funds RRSP s/rrif s, company pension plans Whole life insurance Due by June 30 large penalties if don t disclose Huge emphasis area by the IRS
18 Offshore Voluntary Disclosure Program All unreported income from offshore accounts must be reported on a US income tax return, and taxes paid severe penalties still, but better than if the IRS catches you first. If income unreported, obtain legal advice program is run by IRS Criminal Investigation Division If income has already been fully reported and just the Report of Foreign Bank accounts not done they can be filed with a reasonable cause reason chosen. Must be electronically filed now. Alternative is to just file amended returns quietly, but still get legal advice. The IRS s position is that you cannot just amend.
19 Social Security Income Brad & Barb are concerned that since Brad plans on working only another 9 years until retiring, those years will not generate a social security income in the US. Refer to the Canada-US Totalization Agreement (and separate Quebec-US understanding) Agreement works to maximize potential payout for a dual country career. Benefits Programs Covered: US Social Security, disability and survivors insurance (not Medicare services or SSI) Canada Canada Pension Plan and Old Age Security (not GIS)
20 Social Security Income (cont.) If you do not meet the minimum years of service in one country to qualify for a pension, you can use the years of service in the other country to qualify (i.e. totalize years of service). US minimum- Must work 10 years to get a social security pension But, under Totalization - if you work at least 1 ½ years in the US, you qualify to add in your years of Canadian work to qualify for US pension. Pension would be prorated. Note: Canadian social pension income treated like US social security on the 1040, under the treaty
21 Estate Tax Unlike the US, Canada does not have an estate tax. Canada has deemed disposition rules of assets at death (much like the dispositions deemed when becoming nonresident), unless assets rolled over to the spouse. Although technically this is an income tax, and the US estate tax is a value tax, the Canada- US treaty allows credit to eliminate double taxation.
22 Estate Tax Non-US Decedent Subject to estate tax only on US situs assets (vs. worldwide assets for US decedent). Applicable exclusion amount is only $60,000 (vs. $5,340,000 for US citizen decedent) absent any treaty benefit.
23 Estate Tax US Situs Assets What is US situs asset? Real property located in US Tangible personal property located in US Stock issued by US corporations Debt owed by US person Partnership interest (?)
24 Estate Tax Exemption under Treaty Exclusion under certain treaties linked with the one available to US citizen decedent. For example: US condominium $1,000,000 Canadian situs assets $6,500,000 Pre-credit estate tax on $1,000,000 = $345,800 Prorated credit = 1,000,000 / 7,500,000 x 2,081,800 = $277,573 Estate tax after credit = 345, ,573 = $68,227
25 Estate Tax Reducing Exposure Reduction in value of taxable estate Non-recourse debt Potential change in situs Unlimited marital deduction in case of surviving US citizen spouse
26 Transfer Tax Implications with Non-US Citizen Deceased spouse receives full amount of unified credit to shield his/her assets worth $5,340,000 if resident in US. Unlimited marital deduction unavailable to transfers to noncitizen spouse Annual exclusion of $145,000 (2014) Qualified Domestic Trust Become a US citizen!
27 Foreign Tax Credits under Canada-US Treaty Canadian resident, non-us citizen US estate tax only on US situs assets Credit against final Canadian income tax Canadian resident, US citizen US estate tax on worldwide assets Canadian income tax on deemed sale of worldwide assets Credit against final Canadian income tax for US estate tax arising from US situs assets Credit against US estate tax for final Canadian income tax arising from deemed sale of non-us situs assets
28 Questions? Carol-Ann Simon Masa Yamaguchi Perkins & Co perkinsaccounting.com PerkinsCo LinkedIn/perkins & co
US Estate Tax for Canadians RRSPs, RRIFs and TFSAs). The most common US situs assets are US real estate (e.g. vacation home) and shares in US corporations. Please see Appendix A for a list of other common
U.S. Tax and Estate Planning Issues for Canadians with U.S. Assets or U.S. Citizenship May 28, 2014 Cheyenne J.H. Reese Christine M. Muckle Legacy Tax + Trust Lawyers Smythe Ratcliffe U.S. Residency Issues
March 2015 CONTENTS U.S. income tax filing requirements Non-filers U.S. foreign reporting requirements Foreign trusts Foreign corporations Foreign partnerships U.S. Social Security U.S. estate tax U.S.
Tax Implications for US Citizens/Residents Moving to & Living in Canada TAX Julia Klann & Domeny Wu March 20, 2014 Topics to Discuss Moving to Canada & Overview of Canadian & US Tax Systems US Filing Requirements
September 23, 2008 Tax and Estate Planning Issues for Canadian Citizens and Residents residing in the U.S. and Dual U.S.- Canadian Citizens Natalia Yegorova is an associate at Black Helterline LLP. Her
US Citizens Living in Canada Income Tax Considerations 1) I am a US citizen living in Canada. What are my income tax filing and reporting requirements? US Income Tax Returns A US citizen residing in Canada
U.S. Taxes for Canadians with U.S. assets December 2014 U.S. Gift, Estate and Generation Skipping Transfer Tax can affect Canadians who don t even live in the United States. This article examines how these
THE TAX-FREE SAVINGS ACCOUNT The 2008 federal budget introduced the Tax-Free Savings Account (TFSA) for individuals beginning in 2009. The TFSA allows you to set money aside without paying tax on the income
June 2015 Your U.S. vacation property could be quite taxing by Jamie Golombek It seems everywhere we look, Canadians are snapping up U.S. vacation properties. Though your vacation property may be located
Top 10 Tax Considerations for U.S. Citizens Living in Canada Recent Canadian media reports have estimated that there are approximately one million U.S. citizens living in Canada and that a relatively low
February 25, 2014 Tax Update for U.S. Citizens and Commuters Living in Canada Windsor Walkerville 1601 Wyandotte Street East Windsor N8Y 1C8 Windsor South 3850 Dougall Avenue, Unit 50 Windsor N9G 1X2 Session
U.S. Tax and Estate Planning Issues May 2014 Cheyenne J.H. Reese Legacy Tax + Trust Lawyers For CFA Vancouver Copyright 2014 Do not reproduce without permission of the author U.S. Residency Issues A Non-U.S.
TREASURY DEPARTMENT TECHNICAL EXPLANATION OF THE PROTOCOL BETWEEN THE UNITED STATES OF AMERICA AND THE FEDERAL REPUBLIC OF GERMANY SIGNED AT WASHINGTON ON DECEMBER 14, 1998 AMENDING THE CONVENTION BETWEEN
The Most Common Cross-Border Tax & Financial Planning Mistakes. What Advisors Need to Know The Canadian Institute of Financial Planners 6 th Annual National Conference Terry F. Ritchie, CFP, RFP, EA, TEP
US Tax Issues for Canadian Residents SPECIAL REPORT US Tax Issues for Canadian Residents The IRS has recently declared new catch up filing procedures for non-resident US taxpayers who are considered innocent
A Discussion of the Financial and Tax Aspects (Canadian and US) for Former Residents of Canada Living in the USA 1. What is your Current Status? a. Residency Status- Canada or US i. Canada- domicile (NR73
US Tax and Estate Planning for Canadian Families 2014 Update Will Todd Associate Counsel, Davis LLP February 26, 2014 Introduction: recent events and updates.... Sure, more Canadian families are headed
CANADA-U.S. US TAX PLANNING FOR INDIVIDUALS Selected Tax Issues [May 2015] By: Michael Cadesky and Edward Northwood C A D E S K Y A N D A S S O C I A T E S LLP CANADIAN, U.S. AND INTERNATIONAL TAX SPECIALISTS
TAX IMPLICATIONS OF INVESTING IN THE UNITED STATES > RBC DOMINION SECURITIES INC. FINANCIAL PLANNING PUBLICATIONS At RBC Dominion Securities Inc., we have been helping clients achieve their financial goals
#1303-PS (5/14/2008) Governmental 457(b) Application For Distribution GENERAL INFORMATION Name of Plan Name of Employer Address City State Zip Name of Participant Date of Birth Complete the following section
#10486 (3/2004) QP/401(k) Separation From Service Distribution Request Form This form may be used if you have separated from service due to termination, disability or attainment of normal retirement age
Nuts & Bolts of Cross Border Tax Issues Central Arizona Estate Planning Council November 2, 2015 Presented by: Certified Public Accountant Attorney at Law 1 Overview What is an International Tax Practice?
Reporting Foreign Property: Form T1135 Canadian resident individuals, corporations, partnerships and trusts must report holdings of specified foreign property which collectively cost $100,000 or more at
SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS 1 (Alternative to IRS Safe Harbor Notice - For Participant) This notice explains how you can continue to defer federal income tax on your retirement plan savings
SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings and contains important information you will need before you decide
EXPLANATION OF DIRECT ROLLOVER OPTION You have the right to consider the decision whether or not to elect a direct rollover for at least 30 days after this Explanation is provided to you. This notice explains
NATIONAL WESTERN LIFE INSURANCE COMPANY YOUR ROLLOVER OPTIONS This notice explains how you can continue to defer federal income tax on your retirement savings and contains important information you will
I. Taxation of U.S. Citizens Living and/or Working in Canada* 1 1.01 Introduction: 1 1.02 U.S. Income Taxation of Citizens 2 (a) Taxation of Individuals 2 (b) Taxes and Passports 2 (c) Americans Employed
Corrective U.S. Tax Compliance for Dual Status and Foreign Taxpayers Andrew Bernknopf, Esq., Member: This article provides an overview of corrective United States tax compliance measures for individuals
MUNICIPAL FIRE & POLICE RETIREMENT SYSTEM OF IOWA 7155 Lake Drive Suite 201, West Des Moines, Iowa 50266 Phone: (515) 254-9200 (888) 254-9200 Fax: (515) 254-9300 Email: email@example.com DROP DISTRIBUTION
Estate Planning for the International Client Brenda Jackson-Cooper Doug Andre March 24, 2015 I. Rules and Definitions Agenda II. Estate Planning Case Studies III. Questions 2 Effects of U.S. transfer tax
Worldwide personal tax guide 2013 2014 Canada Local information Tax Authority Website Tax Year Tax Return due date Is joint filing possible Are tax return extensions possible Canada Revenue Agency (CRA)
Thank you for taking the time to complete the Mackenzie Tax and Estate Planning Questionnaire. The following is your personal Tax and Estate Summary Report. This report has been prepared based on the responses
February 16, 2010 Canada-U.S. Estate Planning for the Cross-Border Executive Beth Webel (Toronto) Nadja Ibrahim (Calgary) Agenda Canadian death tax regime US estate tax regime US citizens moving to Canada
Plan Year 1999-2000 AUTOMATIC IRA ROLLOVER PAC FOR OUR COMPANY 401(K) PLAN Use this Automatic IRA Rollover Pac to... Indicate your distribution choice in the event that your employment with our company
INCOME TAX AND THE SRP (For Participants joining the Plan on or after April 15, 1998 Net Plan) The information provided below is for information purposes only - it is not tax advice. U.S. tax law is subject
Purchasing U.S. Real Estate Tax Considerations for the Non-U.S. Investor Updated October 2015 Table of Contents Introduction... 2 Ownership in Personal Name... 2 Buying for Personal Use... 3 Buying for
This article is reprinted with the publisher's permission from the Journal of Practical Estate Planning, a bimonthly journal published by CCH, INCORPORATED. Copying or distribution without the publisher's
SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS 1 (Alternative to IRS Safe Harbor Notice - For Participant) This notice explains how you can continue to defer federal income tax on your retirement plan savings
Advisory Will and estate planning considerations for Canadians with U.S. connections Canadian citizens and residents may be exposed to U.S. estate, gift, and generation-skipping transfer tax (together,
Tax planning for employees coming to work in the U.S. Up close Tax > International tax > Expatriate taxes In U.S. tax law the term alien refers to a foreign national (an individual who is not a citizen
Wealth Planning Summary of U.S. Income, Estate and Gift Taxation for Non-Resident Aliens Overview The United States ( U.S. ) continues to offer attractive investment options to foreign individuals. While
NEW YORK STATE TEACHERS RETIREMENT SYSTEM GENERAL INCOME TAX INFORMATION TABLE OF CONTENTS Taxes on Loans from the Annuity Savings Fund 1 (Tier 1 and 2 Members Only) Taxes on the Withdrawal of the Annuity
Hardship Withdrawal Form READ THE ATTACHED IRS SPECIAL TAX NOTICE: IF YOUR PLAN ALLOWS FOR AN ANNUITY OPTION, READ THE WRITTEN EXPLANATION OF QUALIFIED JOINT AND 50% CONTINGENT SURVIVIOR ANNUITY FORM OF
Please find enclosed the Distribution forms for Eagle Systems, Inc. 401K Plan. The funds may be distributed after you terminate your employment with Eagle Systems. You have two options: 1. Rollover the
Special Tax Notice (This notice is required by the Internal Revenue Service.) YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from your employer
HARDSHIP WITHDRAWAL ELECTION To the Plan Administrator of Re: ( Plan ):, Participant. 1. Withdrawal Election. As permitted by the Plan, I elect to withdraw the following portion of my Vested Account Balance
special tax notice regarding plan payments This notice contains important information you will need before you decide how to receive your benefits from the Moroch Family of Companies 401(k) Savings Plan
SOUTHERN CALIFORNIA IBEW-NECA DEFINED CONTRIBUTION PLAN SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings in the
United States Estate and Gift MGI North America Taxation of the Executive summary The United States has unique estate and gift tax rules applicable to resident and nonresident aliens. A practitioner who
REQUIRED MINIMUM DISTRIBUTION FORM PLAN NAME: PLAN NUMBER: Use this form to request a required minimum distribution following attainment of age 70½, unless you are still employed and are not a 5% owner.
TaxTalk U.S. Tax Update Individuals - 2010 If you or any of your colleagues would prefer to receive an electronic copy of TaxTalk in PDF format instead of a paper copy, please send an email to firstname.lastname@example.org
SPECIAL TAX NOTICE REGARDING PAYMENTS FROM QUALIFIED PLANS YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from your Employer s plan (the "Plan")
Retirement Plan Services P.O. Box 2978 5910 Mineral Point Road Madison, WI 53701-2978 Phone: 800.999.8786 Fax: 608.236.8017 www.benefitsforyou.com Retirement Plan DISTRIBUTION FORM DEFINED CONTRIBUTION
SPECIAL TAX NOTICE YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from the Plan is eligible to be rolled over to either an IRA or an employer
H.T. BAILEY INSURANCE GROUP 401(k) PLAN Case # 943-80987 ELECTION OF PAYMENT METHOD (Please Print Clearly) PARTICIPANT NAME: DATE OF BIRTH: SOCIAL SECURITY NUMBER: DATE OF HIRE: DATE OF TERMINATION: DO
Taxation of Canadians Living and/or Working in the United States*... 1 1.07 Introduction:... 1 1.02 U.S. Income Taxation of Residents... 1 a) Taxation of Individuals... 1 b) Taxation of Self Employed Persons...
Without Spousal Consent Section I: Plan Information Plan Name: Plan Sponsor Name: Section II: Participant Information **If you have a P.O. Box, U.S. tax laws require a street address to be indicated, or
TAX NEWSLETTER Special Release: August 2008 REAL OPPORTUNITY: CANADIANS & U.S. REAL ESTATE The weak U.S. economy, the recent subprime mortgage crisis and the strength of the Canadian dollar relative to
Taxation of Canadians Living and/or Working in the United States* Copyright 2011 by Mark T. Serbinski, C.A., C.P.A.. Mr. Serbinski is a Chartered Accountant licensed in Ontario and a partner in the firm
TAX LETTER May 2015 EMPLOYEE STOCK OPTIONS FOREIGN EXCHANGE GAINS AND LOSSES CAREGIVER AND INFIRM DEPENDENT CREDITS MAKING TAX INSTALMENTS EARNED INCOME FOR RRSP PURPOSES AROUND THE COURTS EMPLOYEE STOCK
SPECIAL TAX NOTICE FOR PARTICIPARTS RECEIVING PLAN BENEFIT PAYMENTS SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement plan
ADVANCED MARKETS Estate & Gift Tax Treatment for Non-Citizens It goes without saying that the laws governing the U.S. estate and gift tax system are complex. When you then consider the additional complexities
Human Resource Services Webcast Foreign reporting requirements in Canada and the US: What s new and why you need to comply Administrative information 60 minute webcast Audio with slides For a better viewing
CITY OF FORT LAUDERDALE RETIREMENT PLANNING SEMINAR TAX MISTAKES IN RETIREMENT PLANNING September 17, 2014 PRESENTED BY MITCHELL J. MARGOLIES, CPA/PFS MITCHELL J. MARGOLIES, CPA, PA. MJMCPAPA@YAHOO.COM
Estate Planning and Income Tax Issues for Nonresident Aliens Owning US Real Estate 1. Introductory Matters. Presented by Paul McCawley Greenberg Traurig, P.A. email@example.com 954.768.8269 October 24,
The Wolf Group, PC Tax Aspects of Consulting The Exit Tax Roth IRA Conversions Other Foreign Bank Account Reporting Update Social Security U.S. citizen Green card holder G-4 visa holder Based on common
international tax issues and reporting requirements Foreign income exclusions and foreign tax credits can significantly reduce the taxes you pay on foreign sourced income and help you avoid double taxation.
PLAN AHEAD 2013 Year-End Tax Planning Letter You are receiving this letter because your income tax rates have increased based on 2012 data. Please be sure to talk with your advisor to discuss anticipated
FIRPTA requires that a buyer withhold 10% of the gross sales price, subject to certain exceptions, and send it to the Internal Revenue Service if the seller is a foreign person. U.S. Taxes Foreign investors
Standard Version U.S. Tax Exposure: Broader Than You Can Imagine A guide for determining U.S. tax obligations There s Wealth in Our Approach. TM Table of Contents Who is a U.S. Citizen?... 3 U.S. Income
DOC010830482 RiverSource Life Insurance Company 70100 Ameriprise Financial Center Minneapolis, MN 55474 Outgoing Annuity Tax-Qualified Transfer, Exchange, Conversion or Direct Rollover from RiverSource
TAX PLANNING FOR CANADIANS PURCHASING PROPERTY IN FLORIDA By: Michael J. Wilson and Heather A. Cooper Canadians have long been active in Florida real estate. Whether owning a vacation home or an investment
ASC IRA Distribution Form 120 Father Dueñas Ave. Ste.110 Hagåtña, Guam 96910 Phone: (671) 477-2724 Fax: (671) 477-2729 Email: Info@ASCTrust.com Website: www.asctrust.com You are about to make a decision
Tax Sheltered Annuity (TSA) Mail or fax completed form to: P.O. Box 1555, Des Moines, IA 50306-1555 Fax: 800 531 0038 Contact us: Annuity Customer Contact Center Tel: 888 266 8489 www.athene.com Athene
I C M A R E T I R E M E N T C O R P O R A T I O N SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS This notice explains how you can continue to defer federal income tax on your retirement savings in your employer's
YOUR ROLLOVER OPTIONS You are receiving this notice because all or a portion of a payment you are receiving from the RICHMOND RETIREMENT SYSTEM (the Plan ) is eligible to be rolled over to an IRA or an
Base Plan Account Withdrawal Purpose of the Form Use this form to choose how you want PERSI to handle the withdrawal of your PERSI Base Plan contributions and interest when you terminate employment with
ESTATE PLANNING FOR U.S. NON-CITIZENS & RESIDENTS This Advisory discusses the estate tax benefits for those individuals who are not citizens of the United States and/or spouses of United States citizens
IN-PLAN 403(b) ROTH CONVERSION FORM For Current Members Only General Member Information First Name (Please use full legal name) Middle Name Last Name Social Security Number Name of Ministry Employer Date
SUMMARY OF FEDERAL INCOME TAX RULES RELATING TO DISTRIBUTIONS FROM QUALIFIED RETIREMENT PLANS BASED ON SAFE HARBOR NOTICE PER IRS NOTICE 2014-74 (Rev. November 2014) SPECIAL TAX NOTICE REGARDING PLAN PAYMENTS
Registered Retirement Income Funds The Income Tax Act states that a Registered Retirement Savings Plan (RRSP) matures by December 31 of the year in which the planholder (annuitant) reaches age 69. At the
TERMINATION FORM - 206 Participant must be provided with the Special Tax Notice Regarding Plan Payments. I INSTRUCTIONS The Termination Form is used to process all types of plan distributions due to termination