Search found 2 matches

by jferna27
Mon Mar 25, 2024 11:24 am
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 3
Views: 1286

Re: IRA to RRSP transfer

Is it correct to use form T2209 for this case? I am still not able to claim the full amount because of the calculation on the T2209 (IRA amount/net income in Canada) X basic federal amount. This ends up being a value lower than the taxes I paid in the USA and therefore I am only able to claim the lo...
by jferna27
Sun Mar 24, 2024 12:48 pm
Forum: Canada / United States Tax & Accounting
Topic: IRA to RRSP transfer
Replies: 3
Views: 1286

IRA to RRSP transfer

Looking for advice on this transfer! Assume all values converted to CAD. Moved back to Canada permanently in 2023 from working in USA on TN visa. - Withdrew $30k from IRA, taxed 25% (15% tax 10% penalty) topped up $22.5k to $30k with additional funds, contributed full $30k to RRSP - Tax time for CRA...