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 »

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
Posts: 16947
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

This is a tax question please repost in that forum.
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 :D
nelsona
Posts: 16947
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

.. 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 :D
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