Ask Experts Questions for FREE Help !
Ask
    navroze's Avatar
    navroze Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Jul 3, 2012, 09:26 AM
    Can you transfer ira to rrsp without withholding
    I have dual citizenship and over 66 can I transfer my ira to rrsp without withhoilding tax
    smoothy's Avatar
    smoothy Posts: 25,490, Reputation: 2853
    Uber Member
    		  
    #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 like a Roth that are taxed going in and tax free coming out.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #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.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Withholding tax for Japanese to US wire transfer? [ 4 Answers ]

My client said she paid a 20% withholding tax when paying our invoice from Japan via wire transfer to our US account. This seems excessive and I haven't had this issue with other clients.

Withholding and tax liability on withdrawal of IRA [ 1 Answers ]

I am a non-resident alien (citizen of India), married, age 63. If I withdraw $3650 from my IRA account with a mutual fund, (1) will there be any withholding by mutual fund? (2) will there be any tax liability?

Ira withdrawal canadian non-resident withholding taxes [ 1 Answers ]

I am a 60 year old canadian resident with 250 000$ in an IRA. What are the tax implications of a 100% withdrawl vs a gradual withdrawl over 10 years.

Can I transfer money from 401 to ira at 591/2 [ 1 Answers ]

Roth Ira Transfer [ 1 Answers ]

I would like to open a Roth IRA 6 Month CD account. After the CD matures, how do I move the funds to another Bank if the rates are better elsewhere without triggering a taxable/penalty event? Thank you , Rich

View more questions Search