This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.
The bulletin does indeed specify the need to REPORT the existence of a Roth ONE TIME.
It als clarifies that once a contribution is made while a resident in canada, the Roth is, in essence, broken for Candian purposes, both with respect to taxation, and with resopect to foreign reporting.
Thanks--I looked over that link.I'm a bit confused--can I send in the info about our Roth IRAs with our normal tax forms, or do I need to send something separate to a different address?
Hi! Thank you all so much for the outstanding advice on here. Dumb question - what do the new rules mean in plain english? Basically, if you have a Roth, and report it, you won't incur any additional taxes on it in Canada? It will be the same as if you still live in the US?
Yes. It also means that the instant you make a new contribution to a Roth while living in Canada, the tax shelter ends for CRA purposes -- THAT is the important point.
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great - many thanks. I didn't think I could contribute anymore now that I'm in Canada (or due to income eligibility change or something - apologies, can't remember) - so contributions not an issue, just sitting on it.
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