Forgive me if this topic has been discussed. I have searched and have not found the same particulars.
I am a US and Canadian citizen living in Canada. My dad (lived in US) died last year and named me as a beneficiary of his Traditional IRA which I have received in 2014. I realize that I need to include these proceeds on my US and Cdn tax returns. I understand that I can claim a FTC on my Canadian return.
My question is: can I rollover these funds to my RRSP ? Can I rollover the entire amount or just what my contribution limit is ?
Thanks
IRA beneficiary rollover to RRSP ?
Moderator: Mark T Serbinski CA CPA
What you are wanting to know is whether you can have this considered a transfer not counting against your limit.
Unfortunately for this to be a non-taxable transfer (in CRA terms) it must have been YOUR pension or your spouse's , for work done as a US resident.
So, it comes out taxed (US first then Canada with FTC in Canada), and then you can do what you want with it.
Unfortunately for this to be a non-taxable transfer (in CRA terms) it must have been YOUR pension or your spouse's , for work done as a US resident.
So, it comes out taxed (US first then Canada with FTC in Canada), and then you can do what you want with it.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing