Hello:
I am a U.S. citizen/landed immigrant in Canada. Last spring, my father died and I inherited a beneficiary IRA (aboput 100k Canadian). In the U.S., you are only taxed on required withdrawls (which are based on my life expectancy--I am 38). My understanding is that Canadian tax law (under the tax treaty) would respect the US deferred payment plan and that only withdrawn amounts would be taxed. I would like to avoid withdrawing the full amount (as it would be in the highest marginal tax rate in Ontario) but I have received contradictory advice on this matter. If anyone could help, it would be much appreciated.
Irving
Beneficiary IRA
Moderator: Mark T Serbinski CA CPA