FROM THE OFFICE OF PUBLIC AFFAIRS

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Today the Treasury Department and the Internal Revenue Service issued guidance simplifying the U.S. reporting rules that apply to U.S. persons with interests in two common types of Canadian retirement plans. Notice 2003-75 sets forth the information that U.S. persons holding interests in Canadian Registered Retirement Savings Plans (“RRSPs”) and Canadian Registered Retirement Income Funds (“RRIFs”) are required to include on a statement attached to their U.S. tax returns. The Treasury and the IRS are developing a simple form for this information reporting.

These new simplified reporting rules are designed to permit taxpayers holding interests in RRSPs and RRIFs to meet their information reporting obligations by using readily available information. The new simplified reporting rules represent a substantial reduction in paperwork burden for the U.S. citizens and residents who hold interests in these retirement plans.

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Related Documents:

• Notice 2003-75