So, early distribution of an IRA by a Canadian resident triggers 20% withholding + 10% penalty at tax time on the US side, while must also be claimed as income in Canada.
If certain credits such as the child tax credit are applied against this on the American-side of things so that it triggers a ...
Search found 2 matches
- Wed Jun 17, 2015 7:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: CRA Foreign Tax Credit - IRA withholding, penalties, refunds
- Replies: 1
- Views: 3212
- Fri Feb 27, 2015 8:04 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Algorithm for doing a 3520-3520A in 2nd year and beyond
- Replies: 28
- Views: 37970