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right, both fabr and schedule 8938 are for holdings only, depending upon how much you have. so on schedule B, do I do the conversion on dec. 31 or the day i receive the interest?
OK, the cra does not tax you on the roth withdrawals (ie follow the irs) as a resident of Canada as long as you perform the "rules" when you move from the us and declare residency. What about provinces? are they allowed to tax the roth withdrawals as earnings or do you get the same tax free treatment?
thanks for the reply, glad to see you're still out there. I've gradually been doing ira conversions into my roth. question: will work in usa till july 2017, then enter Canada to become resident. can I still do a conversion this year before I enter Canada without any problems from the cra?
You will only be able to transfer BETWEEN Roth accounts after you move, without violating the tax-free status. So, at some point down the road you may decide to roll your Roth401(k) into another Roth IRA, This would be permitted under the Cdn rules.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
thanks. I suppose the only advantage of the transfer would be to switch to a better broker if you don't like the company that's holding it, otherwise it makes no taxable difference to the cra if you leave it as a roth401k?