This is a relatively new topic, so I wouldn't be surprised if there aren't clear answers yet. But posting it in case there is already a position being formed in this community:
For a Canadian-resident U.S.-Canada dual citizen child, does a rollover at age 18 from a Trump Account under IRC §530A into a traditional IRA under §408 qualify as a tax-deferred transfer for Canadian purposes, and does the rollover or any prior contribution to the Trump Account affect the receiving IRA's status as a foreign retirement arrangement under subsection 248(1) of the Canadian Income Tax Act?
530A Trump account
Moderator: Mark T Serbinski CA CPA
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oakweather
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Re: 530A Trump account
Further to that, if the "rollover" of 530A into IRA occurs while the child is a Canadian resident, is that considered a "Canadian contribution"?
Re: 530A Trump account
As long as it is tax deferred in US, it is also considered tax deferred in canada.
It would not affect the status of your IRA or other retirement accounts.
A Canadian contribution is only applicable to transfers to a ROTH IRA, not any other retirement account If the transfer was done while in Canada to a ROTH IRA, it would be considered a Cdn contribution, Otherwise it would not.
It would not affect the status of your IRA or other retirement accounts.
A Canadian contribution is only applicable to transfers to a ROTH IRA, not any other retirement account If the transfer was done while in Canada to a ROTH IRA, it would be considered a Cdn contribution, Otherwise it would not.
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