IRA withdrawal

napstolean · Post by **napstolean** » Mon Mar 12, 2007 1:23 pm

Thanks. Not the answer I'd like, but not surprising for CRA. I hate contemplating cashing these in, but the fact is that US FIs have become so difficult to deal with post- 9/11. Two follow-up questions:

1) Is the 10% also not creditable in the "transfer to RSP" scenario mentioned above?

2) If I did cash out my IRA as a Canadian and Canadian resident, is the entire amount attributed to me for CRA purposes, despite the fact that in the US the account would be considered joint property (my wife and I filed married jointly while in the US; community property laws)?

Thanks!

nelsona · Post by **nelsona** » Mon Mar 12, 2007 7:56 pm

The entire ammount of the IRA withdrawl ) pre-tax, is available to be put into your RRSP as a transfer. You would of course have to make up the withhheld tax.

2. It is your IRA. There are only a couple of states that are truly commuity property states.