RRSP or RRIF withdrawal into Roth IRA?

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dockbutnoboat
Posts: 1
Joined: Sat Jul 21, 2012 5:14 pm
Location: SC USA

RRSP or RRIF withdrawal into Roth IRA?

Post by dockbutnoboat »

I am a Canadian citizen, retired, and resident in the US. I have an RRSP which I intend to convert to an RRIF and gradually collapse, incurring the preferential 15% Canadian withholding tax. Can this income stream be put into a Roth IRA?
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nelsona
Posts: 18685
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

You can clollapse 10% of yoru RRIF year-beggining value at 15%, any more would be 25.

You can do what you want with the money, but your IRA limit is not 'improved' by any RRSP withdrawal, and cannot be 'transferred.
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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