Hi,
I have a quick question. I'm thinking to move to Canada from USA. I'm allowed to initiate withdraw money from my retirement account as soon as I quit US job (as well as pay 30% tax there). But money will come to me only 8 weeks later. At that point of time I'll be in Canada doing another job. So I'm curious if I need to report this income to Canada as I'll be a resident there or not as I initiated withdrawal while was in US. Thank you in advance!
Retirement money withdraw timeframe
Moderator: Mark T Serbinski CA CPA
I'm comfortable, asuming you put the request in before establishing Cdn residency, that you do not have to rpeort this on your Cdn retunrn for 2014.
However, regardless of what is withheld, you will need to report theamount on your 1040 for 2014, and pay whatever US tax and penalty might be owing. You will not beable to claim that you are taking the income as a non-resident.
However, regardless of what is withheld, you will need to report theamount on your 1040 for 2014, and pay whatever US tax and penalty might be owing. You will not beable to claim that you are taking the income as a non-resident.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best