Hello,
I recently learned about the US/Canada windfall elimination program and hoping to get some feedback from those who have worked in both Canada/US on best way to approach to claiming CPP & RRSP withdrawals:
- CPP: It’s my understanding that US social security benefits are reduced based on how long one has worked in the US, with no reduction after 30 years. Based on current plans, I’ll be short a few years from that so would like to minimize impact of CPP on the US benefits. Based on various web posts I’ve come across, it seems the best approach is to claim CPP as early as possible (60?) and delay the US benefits to max or close to it (70). Is that the best approach if one is looking to minimize the impact on US benefits/maximize overall benefits across CPP/social security?
- RRSP: I have a RRSP that has been on autopilot for the last couple of decades. Originally I was planning to leave it alone till 70 but based on what I’ve researched, that would result in high minimum annual withdrawals at the same time as required minimum distributions for IRAs on the US side. Would it be better to convert to the RRSP to a RRIF and start doing minimum withdrawals now? Canada will deduct taxes automatically on withdrawal but my understanding is that I’d be able to claim those against my US taxes.
- Some related questions:
— how do I go about finding my CPP contributions and estimated CPP payment?
— recommendations for RRIF providers?
— If anyone has recommendations for a cross-border planner who can help navigate this for a reasonable fee, that would be helpful as well.
Thanks in advance!
