US pension and immigration to Canada

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hennady
Posts: 14
Joined: Mon Feb 03, 2014 12:54 am

US pension and immigration to Canada

Post by hennady » Sun Aug 17, 2014 2:14 am

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.

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

Post by nelsona » Sun Aug 17, 2014 7:18 am

This is a tax question please repost in that forum.
Nelsona Non grata. Non pro. Search previous posts. Taking period between now and June off. Will only answer sporadically.

nelsona
Posts: 15817
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona » Sun Aug 17, 2014 7:21 am

.. please follow up on this because there are a couple of glaring misconceptions in your thoughts that I'd like to clarify
Nelsona Non grata. Non pro. Search previous posts. Taking period between now and June off. Will only answer sporadically.

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