T1135 and IRAs , Roths

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coco1106
Posts: 48
Joined: Sun Jan 20, 2019 3:40 pm

T1135 and IRAs , Roths

Post by coco1106 » Mon Jan 28, 2019 10:30 am

Hi Form T1135, from ...what I have read this foreign income verification that you have in another country, if it exceeds $100,000

Would you have to included IRAs and Roth IRAs on this form, I think when we do move to Canada we will have a US bank acct left open, but we were thinking maybe keeping about $4000 in there.

I know we will have to file a FBAR since most of our money will at that time be in a Canadian bank.

thanks for any input

nelsona
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Re: T1135 and IRAs , Roths

Post by nelsona » Mon Jan 28, 2019 12:45 pm

The instructions on the form say which are included or not so rely on these.
For Roths, as long as they conform to the instructions CRA outlined for Roths they are not included. However if you violate those instructions and ‘break’ your Roth by making a Canadian contribution, then they are to be included on T1135.
Nelsona Non grata. Non pro. Search previous posts. Taking period between now and June off. Will only answer sporadically.

coco1106
Posts: 48
Joined: Sun Jan 20, 2019 3:40 pm

Re: T1135 and IRAs , Roths

Post by coco1106 » Mon Jan 28, 2019 1:29 pm

Thank you nelsona,

btw....I called TDameritrade with regards to maintaining IRA/Roths for non US residents , they told me that they are able to maintain the funds , but no mutual funds,just wanted to share .

nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: T1135 and IRAs , Roths

Post by nelsona » Mon Jan 28, 2019 3:40 pm

Thanks for the info. Remember that T1135 is NOT required for the year you return to Canada.
Nelsona Non grata. Non pro. Search previous posts. Taking period between now and June off. Will only answer sporadically.

coco1106
Posts: 48
Joined: Sun Jan 20, 2019 3:40 pm

Re: T1135 and IRAs , Roths

Post by coco1106 » Mon Jan 28, 2019 4:30 pm

Nelsona,

thank you, I know we will have a cross boarder tax specialist, but I feel better having some knowledge ( although limited in my case !! ) when we make the move, having a site like this really helps, thanks.

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