# RRSPs and exit tax form



## quincy

Just wondering if anyone has any idea how RRSPs are treated on the exit tax form. Where are they listed in calculating net worth in section V. Thanks for any pointers.


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## pwdunn

quincy said:


> Just wondering if anyone has any idea how RRSPs are treated on the exit tax form. Where are they listed in calculating net worth in section V. Thanks for any pointers.


Actually, I don't care. I'm below 2 million. The real question is if you are below 2 million and whether you are actually going to list out all your assets on the last page as they apparently require. I'm planning to write 5th Amendment.

In any case, mark to market says that your RRSP is worth on paper something, but of course, it is worth much less than that (perhaps 15-35% less) because you can't take it out without paying tax.


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## quincy

PetrosResearch said:


> Actually, I don't care. I'm below 2 million. The real question is if you are below 2 million and whether you are actually going to list out all your assets on the last page as they apparently require. I'm planning to write 5th Amendment.
> 
> In any case, mark to market says that your RRSP is worth on paper something, but of course, it is worth much less than that (perhaps 15-35% less) because you can't take it out without paying tax.


I'm below the 2 million as well but I can hardly understand some parts of the form. I don't want to pay an accountant to do any of my tax forms. I'll take my chance with an audit but I would like to fill things out somewhat correctly!


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## pwdunn

quincy said:


> I'm below the 2 million as well but I can hardly understand some parts of the form. I don't want to pay an accountant to do any of my tax forms. I'll take my chance with an audit but I would like to fill things out somewhat correctly!


I suggest if you are below then to just put the mark to market on the day closest to your date of expatriation. Don't worry about the tax losses because they are insignificant. But I don't know your story. Are you doing the FBARs? Have you reported your RRSPs on 8833 in the past? If not, then the information that you give on the 8854 about your RRSP could show that you are in FBAR violation. That's why I suggested the 5th Amendment, since FBAR comes with potential criminal penalities and you have an absolute Constitutional right not incriminate yourself. I will do a new post soon at my blog. 

You told me your story once. I don't think you should have to fill out the 8854 at all. Just get them to back date your CLN so that it reflects that you lost your US citizenship years ago.


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## Guest

PetrosResearch said:


> I suggest if you are below then to just put the mark to market on the day closest to your date of expatriation. Don't worry about the tax losses because they are insignificant. But I don't know your story. Are you doing the FBARs? Have you reported your RRSPs on 8833 in the past? If not, then the information that you give on the 8854 about your RRSP could show that you are in FBAR violation. That's why I suggested the 5th Amendment, since FBAR comes with potential criminal penalities and you have an absolute Constitutional right not incriminate yourself. I will do a new post soon at my blog.
> 
> You told me your story once. I don't think you should have to fill out the 8854 at all. Just get them to back date your CLN so that it reflects that you lost your US citizenship years ago.


Just for clarification, don't RRSP's go on 8891, attached to a 1040? I need to make sure I don't get too mixed up! :der:


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## pwdunn

nobledreamer said:


> Just for clarification, don't RRSP's go on 8891, attached to a 1040? I need to make sure I don't get too mixed up! :der:


Yeah, I guess so. I was looking at 2009 taxes. But then, I wonder if there are two possible forms.

Form 8891 Definition | Investopedia


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