Rentes Du Quebec: Quebec Pension Plan

Retirement Income Fund Dept: Q: I am a 77-year-old U.S. citizen with landed immigrant status who has lived in Quebec since 1963. My Canadian wife passed away last year, and I'm considering moving to the U.S. to be with my daughter. If I change my permanent residence to the U.S., will I be able to continue receiving my Quebec and Canadian pensions, will my RRIF payments be affected, and how will I be taxed in the year of any move?, according to Montreal Gazette. As a resident of the U.S., your OAS and QPP payments will not be subject to Canadian tax, but 85 per cent will need to be reported as income on your U.S. return, notes Allison Marshall, financial advisory consultant for RBC Wealth Management Services. RRIF payments generally must be deposited in a Canadian bank account, but "contrary to popular belief, you are not required to deregister your RRIF upon ceasing Canadian residency," Marshall said and cross-border moves and investment losses in a Registered Retirement Income Fund RRIF were among the topics raised in the latest batch of reader letters. Here's what they wanted to know. A: On the pension front, it's not a big issue. Because you've lived in Canada at least 20 years, you're eligible to receive your federal Old Age Security pension in another country. You can even have it direct-deposited at a financial institution there, in U.S. dollars. You'll need to complete, in writing, a form available on the Service Canada website. Your Quebec Pension Plan payments also can be sent directly to the U.S. and converted into U.S. dollars if you complete a form available on the Regie des rentes du Quebec website. As reported in the news.
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