Investments clarification for US-Canadian Citizen
I will preface this by saying that I have been filing my US taxes for years already and now we are in a position to be investing some of our savings. I had no idea until recently that certain investments, like the RESP and TFSA are not recognized under US tax treaty, so RRSP is the way to go me. The RESP can be held under my wife`s name as she is Canadian, from what I understand. I have my own RRSP and a spousal RRSP where most of the money goes into, as it helps out my salary tremendously.
I have done a lot of research and for the most part I think I understand the basics, but I have read a couple articles that have created a little bit of doubt.
In terms of RRSP investment, I am wanting to open a self-directed account and invest in ETFs, likely Vangaurd. Does it matter if I have Canadian ETFs, or are they viewed as PFICs even in an RRSP? From what I have read, it doesn't matter what is invested in the RRSP, is this accurate?
In terms of the RESP, by not having my name on the the account and only have my wife (Canadian) as the subscriber, does this effectively remove my obligation to declare/file any US tax related forms?
Thank you so much for taking the time to read and hopefully answer!
Posted May 4, 2021, 3:41 PM UTC