This is a problem that I have dealt with a couple of times (at least) in the last few months. Sooner or later your contributions (no later than the year you turn 71) must cease. At that point your RRSP (Registered Retirement Savings Plan) savings must be converted to income. A RRIF (Registered Retirement Income Fund) is a popular way to convert that RRSP to income.
Just remember that by creating a RRIF you are opening a new account and will be subject to the FATCA inquisition. U.S. citizenship creates planning problems to be solved!
How to move from an RRSP to a RRIF https://t.co/06Ov56YQll via @financialpost – A RRIF = new account and is subject to a #FATCA Inquisition
— John Richardson – lawyer for "U.S. persons" abroad (@ExpatriationLaw) December 5, 2015
The Reality of U.S. Citizenship Abroad
My name is John Richardson. I am a Toronto based lawyer – member of the Bar of Ontario. This means that, any counselling session you have with me will be governed by the rules of “lawyer client” privilege. This means that:
“What’s said in my office, stays in my office.”
The U.S. imposes complex rules and life restrictions on its citizens wherever they live. These restrictions are becoming more and more difficult for those U.S. citizens who choose to live outside the United States.
FATCA is the mechanism to enforce those “complex rules and life restrictions” on Americans abroad. As a result, many U.S. citizens abroad are renouncing their U.S. citizenship. Although this is very sad. It is also the reality.
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