Canadian Retirement Plan RRSP and/or RRIF

Taxpayers with Canadian registered retirement savings plans (RRSPs) and registered retirement income funds (RRIFs) automatically qualify for tax deferral treatment. Prior to 2014, you had to make this election by filing Form 8891 and reporting details such as contributions, income earned, and distributions. Form 8891 has been eliminated and you are no longer required to file this form for any year, past or present. These Canadian retirement plans are taxed similarly to IRAs and 401(k)s; withdrawals are taxed at the time of distribution.