Hello Everybody,
Thank you in adavnce for your help!
I have IRA account in USA and I'm immigrating to Canada. I know that a standard procedure would be the next: take money out of IRA, pay tax in USA, use that tax as a deduction in Canada, put that money into Canadian pension thus avoid taxation in Canada for now.
I heard that fresh Canadian immigrants are not taxed on their previous assets. So I was wondering if it's possible to do all that steps except placing that money into Canadian pension account. Thus I would get that money out of pension but will keep them and would use them for immediate needs that fresh immigrants might have. I.e. I take money out of US pension, use US tax as tax deduction in Canada but keep the money and avoid taxation in Canada.
Best regards,
Hennady.
US pension and immigration to Canada
Moderator: Ron Liberman
.. please follow up on this because there are a couple of glaring misconceptions in your thoughts that I'd like to clarify
I am taking my usual break from this site until May. Always too many tax-form specific questions at this time of year...
nelsona non grata. Non pro. Search previous posts. Happy Browsing
nelsona non grata. Non pro. Search previous posts. Happy Browsing
