530A Trump account

[oakweather]

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?

[oakweather]

Further to that, if the "rollover" of 530A into IRA occurs while the child is a Canadian resident, is that considered a "Canadian contribution"?

[nelsona]

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.