Left ira in usa..any rules I don't know?

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moi
Posts: 34
Joined: Sat Aug 13, 2011 9:47 am

Left ira in usa..any rules I don't know?

Post by moi » Tue Mar 17, 2015 9:22 am

I am no longer living in the usa, and I am filing taxes in Canada...I am a Canadian citizen. I have my rsp in the usa in a traditional ira. Do I need to file anything yearly with the irs showing I am not touching that money? Do I need to tell Canada I have that ira and I am not touching it? So much no one tells you, until you get penalized...lol Thanks.

nelsona
Posts: 16197
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Tue Mar 17, 2015 10:21 am

What do you define as "an rsp in usa"?

For IRA: there is nothing to file with IRS ever. if you make no withdrawl there is no income to report. If you do make a withdrawal, the withholding on the IRA will be your final payment to IRS (should be 15%).

Canada has no reporting requirement for traditional IRA. It is CURRENTLY exempt from foreign reporting (it could change) and there is no special form to fill out to notify CRA. You would report the gross withdrawal in the year you take it and get credit for the US tax withheld.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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