US pension and immigration to Canada

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

This is a tax question please repost in that forum.

nelsona · 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