Tax question - what happens to Roth IRAs in Canada?

If we travel or live abroad, we usually come back to visit right? Here's a the place to meet other "re-pats" and Canadians who have returned.
randallNew Member
Topic author
Posts: 3
Joined: 31 May 2009

Tax question - what happens to Roth IRAs in Canada?

Post Sun May 31, 2009 9:49 am

If you have a Roth IRA in the US and move back to Canada, will the Canadian government try to tax you on the distribution, or are you covered by international treaty?
Top
StevenCanuckAbroad VIP
Posts: 3635
Topics: 2
Joined: 28 Sep 2007
Location: Calgary

Re: Tax question - what happens to Roth IRAs in Canada?

Post Fri Jun 05, 2009 9:54 am

2008 tax treaty covers this situation, there are no taxes anymore, it's treated as an RRSP essentially. However you are legally required to declare it to the CRA. I think T1135 is going to be amended to cover this situation but at the moment the instructions say to phone them up and tell them.
Steve.
Top

Did you enjoy this post? Share it!

 
  • Related topics
    Replies
    Views
    Last post

Who is online

Users browsing this forum: No registered users and 0 guests