Inherited Roth IRA taxable?

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EdwardS
Posts: 2
Joined: Thu May 19, 2016 1:00 pm

Inherited Roth IRA taxable?

Post by EdwardS »

I'm a recent Canadian Permanent Resident and US citizen. Soon I expect to inherit a Roth IRA from my mother who recently passed away. Will future earnings be taxable to Canada? I don't see how I can make a declaration by April 30 as I don't yet have ownership of the IRA.
nelsona
Posts: 18699
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Well, none of this income is reportable from 2016, so there is no worry about this tax season.

The income will be taxable in Canada to the extent that it is in US, so, yes, your withdrawals will be taxable in both countries, with Canada giving credit for any US tax incurred.
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
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