IRA withdrawal

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moi
Posts: 48
Joined: Sat Aug 13, 2011 9:47 am

IRA withdrawal

Post by moi »

I am a Canadian resident with an IRA.
I'm looking at withdrawing from my IRA. I have no other income.
Is the withholding tax the only tax I will be paying?
Thank you.
nelsona
Posts: 18740
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: IRA withdrawal

Post by nelsona »

In US that will all. However, You will also report the gross income on your CDn return, which will be taxable. CREDIT will be giving on your Cdn return for the US tax, as a 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
UnknownStranger
Posts: 22
Joined: Thu Aug 03, 2023 1:08 am

Re: IRA withdrawal

Post by UnknownStranger »

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kroegerfranko66
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Re: IRA withdrawal

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