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New IRS Filing Requirements For U.S. Residents With Canadian Deferred-Income Plans
An important filing deadline extension granted by the Internal Revenue Service (IRS) to US residents who have interests in registered retirement savings plans (RRSPs) or other deferred-income plans expires on August 15, 2003. The majority of those who are affected by the new filing requirements are individuals who previously worked in Canada and have RRSPs. Employers should consider advising their employees of the new requirements, as those who do not comply could be exposed to substantial financial penalties.
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