N-400ins.pdf / N-400.pdf / p597.pdf
AN ACT MAKING THE CITIZENSHIP OF PHILIPPINE CITIZENS WHO ACQUIRE FOREIGN CITIZENSHIP PERMANENT, AMENDING FOR THE PURPOSE COMMONWEALTH ACT NO. 63, AS AMENDED, AND FOR OTHER PURPOSES. Be it enacted by the Senate and the House of Representatives of the Philippines in Congress assembled: SECTION 1. Short title -- This Act shall be known as the "Citizenship Retention and Re-acquisition SEC. 2. Declaration of Policy -- It is hereby declared the policy of the State that all Philippine citizens who become citizens of another country shall be deemed not to have lost their Philippine SEC. 3. Retention of Philippine Citizenship -- Any provision of law to the contrary notwithstanding, natural born citizens of the Philippines who have lost their Philippine citizenship by reason of their naturalization as citizens of a foreign country are hereby deemed to have re-acquired Philippine citizenship upon taking the following oath of allegiance to the Republic:
Note: Form TD F 90-22.1 must be filed if you had any financial interest in, or signature or other authority over, a bank, securities, or other financial account in a foreign country. You do not have to file the report if the assets are with a U.S. military banking facility operated by a U.S. financial institution or if the combined assets in the account(s) are $10,000 or less during the entire year.
Although Canadian registered retirement plans are similar to individual retirement accounts (IRAs),
they do not meet the requirements for qualification as IRAs under section 408(a) of the Internal
Revenue Code. As a result, the earnings of such a plan are includable currently in the gross
income of the beneficiary of the plan for United States income tax purposes. However, a beneficiary
of such a plan may elect for a tax year (the current year) to defer United States income tax on
certain current-year earnings of the plan that are not distributed to the beneficiary.
To qualify for deferral, the earnings must be attributable to contributions made during periods of
Canadian residency. An election to defer is made by the beneficiary attaching to the beneficiary's
United States federal income tax return, a statement that contains for each plan the information
and computation of the earnings deferred as determined in the manner set forth below.
1. The name of the trustee of the plan and the plan account number, if any.
2. The total amount of earnings the plan derived in the current year.
3. The total amount of contributions made to the plan while a resident of Canada
(including rollover amounts) as of the end of the taxable year.
4. The total amount contributed to the plan (including rollover amounts) in all years.
5. The amount of earnings that will be deferred under Article XVIII (7) of the Convention
for the current year, which is determined by multiplying the amount in item 2 above
by a fraction, the numerator of which is item 3 above and the denominator of which is item 4 above.
6. The balance in the plan at the end of the current year.
The election must be made by attaching a statement to the beneficiary's timely filed United States
federal income tax return (including any extensions). An election once made for a taxable year
cannot be revoked except with the consent of the Commissioner and covers all plans of the
beneficiary. Each spouse who is a beneficiary of a plan must file a separate election. Once an
election has been made, then, for each taxable year during which the taxpayer holds an investment
in a plan, a statement must be attached to the beneficiary's United States federal income tax return that shows:
1. the last tax year an election to defer was made under this revenue
procedure, and
2. the information listed in item 6 above.