tax considerations: moving back to Canada

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

pitchoune
Posts: 3
Joined: Wed Apr 27, 2005 12:37 am

Post by pitchoune »

Thanks this info seem to be what i was looking for too.

Does that mean by 'transfering it to the RRSP' we can then recover all or almost all the tax+ withholding paid in US when we withdrew the money..?

Do you know which banks/RRSP institution in canada who would do this conversion?

pitchoune
Posts: 3
Joined: Wed Apr 27, 2005 12:37 am

Post by pitchoune »


<blockquote id="quote"><font size="1" face="Verdana, Arial, Helvetica" id="quote">quote:<hr height="1" noshade id="quote">in a year when you will make at least $50K Cdn-source income.).<hr height="1" noshade id="quote"></font id="quote"></blockquote id="quote">

Why do we need to wait to transfer? Can we do it if we don't have any cdn income?
nelsona
Posts: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

If you do it in a year when you have less income than the IRA you wish to withdraw, your US tax will not be able to be fully used up, and thus you will be paying tax on what is essentially a transfer, which would defeat the purpose of transfering.

An IRA to RRSP transfer should not be done by a novice, because of the HUGE tax costs involved if one does not do it correctly.

<i>nelsona non grata... and non pro</i>
Post Reply