IRA penalty credit on Canadian return?

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rasman
Posts: 8
Joined: Sun Jul 19, 2009 11:07 pm

IRA penalty credit on Canadian return?

Post by rasman »

I had to withdraw $ from US IRA account. I'm US citizen living in Canada. Can I get a credit in Canada for the $ I paid to IRS?
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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Unfortunately, no. CRA views 'penalties', including the one for 10% on unqualified IRA withdrawals as ineligible for foreign tax credit.
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
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nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

But the regular tax can be credited.
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
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