IRA penalty credit on Canadian return?

This is our main tax information forum which deals with topics concerning Canadians living and working in the U.S., U.S. citizens contemplating working in Canada, and all aspects of Canadian and U.S. income tax and related adminstrative issues.

Moderator: Mark T Serbinski CA CPA

Post Reply
rasman
Posts: 8
Joined: Sun Jul 19, 2009 11:07 pm

IRA penalty credit on Canadian return?

Post by rasman »

I had to withdraw $ from US IRA account. I'm US citizen living in Canada. Can I get a credit in Canada for the $ I paid to IRS?
Top
nelsona
Posts: 18700
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Unfortunately, no. CRA views 'penalties', including the one for 10% on unqualified IRA withdrawals as ineligible for foreign tax credit.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Top
nelsona
Posts: 18700
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

But the regular tax can be credited.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
Top
Post Reply

Return to “Canada / United States Tax & Accounting”