T1135 and IRAs , Roths

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coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

T1135 and IRAs , Roths

Post by coco1106 »

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
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: T1135 and IRAs , Roths

Post by nelsona »

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. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: T1135 and IRAs , Roths

Post by coco1106 »

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
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: T1135 and IRAs , Roths

Post by nelsona »

Thanks for the info. Remember that T1135 is NOT required for the year you return to Canada.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
coco1106
Posts: 80
Joined: Sun Jan 20, 2019 3:40 pm

Re: T1135 and IRAs , Roths

Post by coco1106 »

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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