IRA beneficiary rollover to RRSP ?

mtnman · Post by **mtnman** » Sat Nov 15, 2014 2:55 pm

Forgive me if this topic has been discussed. I have searched and have not found the same particulars.

I am a US and Canadian citizen living in Canada. My dad (lived in US) died last year and named me as a beneficiary of his Traditional IRA which I have received in 2014. I realize that I need to include these proceeds on my US and Cdn tax returns. I understand that I can claim a FTC on my Canadian return.

My question is: can I rollover these funds to my RRSP ? Can I rollover the entire amount or just what my contribution limit is ?

Thanks

nelsona · Post by **nelsona** » Sat Nov 15, 2014 8:46 pm

What you are wanting to know is whether you can have this considered a transfer not counting against your limit.

Unfortunately for this to be a non-taxable transfer (in CRA terms) it must have been YOUR pension or your spouse's , for work done as a US resident.

So, it comes out taxed (US first then Canada with FTC in Canada), and then you can do what you want with it.