Heinz Blasnik- Views You Can Use Message Board

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Strategies & Market Trends : Heinz Blasnik- Views You Can Use

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To: LLCF who wrote (3731)	11/18/2003 8:32:59 AM
From: Wyätt Gwyön	Read Replies (1) of 4916

i would be very surprised if you could convert a US IRA to a Canadian one without heavy tax consequences. all i can imagine is that one could liquidate a US IRA early, pay heavy taxes and penalties, and then (if one is a Canadian citizen or whatever it takes) invest in a Canadian RRSP according to whatever their stipulations are. i can't imagine they have some "flyover" system which lets a US investor remove tax-sheltered IRA funds (which the US govt would be earmarking for eventual taxation) to Canada, so that the Canadian govt gets all the taxes! the above is based on my simplistic logic, so obviously, it's probably inconsistent with tax law -GGG- i imagine there are a lot of US retirees who've moved south of the border and wanted to take IRA dollars with them, who've explored this type of issue in depth and found that Uncle Sam wants their tax dollars on IRA withdrawals, regardless of where they live.

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