Last week the IRS released Revenue Procedure 2014-55, which greatly simplifies the U.S. tax treatment of RRSPs and RRIFs. Under U.S. domestic law, a U.S. citizen or resident who is the beneficiary of a foreign retirement plan will generally be subject to current U.S. income taxation on income accrued in the plan even though the income is not currently distributed to the beneficiary, unless the plan is an employees’ trust within the meaning of Code... Read more →