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can you transfer ira to rrsp without withholding

Asked Jul 3, 2012, 09:26 AM — 2 Answers
i have dual citizenship and over 66 can i transfer my ira to rrsp without withhoilding tax

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smoothy's Avatar
smoothy Posts: 15,494, Reputation: 10703
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#2

Jul 3, 2012, 10:20 AM
Quote:
Originally Posted by navroze View Post
i have dual citizenship and over 66 can i transfer my ira to rrsp without withhoilding tax
Unlikely....IRA's were intended to be taxed as money was withdrown in retirement....

However there are certain IRA's liek a Roth that are taxed going in and tax free coming out.
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AtlantaTaxExpert's Avatar
AtlantaTaxExpert Posts: 19,866, Reputation: 3723
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#3

Jul 9, 2012, 08:09 AM


Agreed; the transfer from the IRA to the RRSP would NOT be considered a valid rollover because it is crossing country borders. Hence, the distribution would be taxed as a early distribution and incur the 10% Early Withdrawal Penalty as well as normal taxation at the federal level and possibly at the state level.

Recommend you leave it where it is and draw on it when you retire.
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