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Phil Hogan, CPA, CA, CPA (CO)
Cross-Border Tax and Investment Specialist
The rules related to how you actually make the ROTH IRA election are contained within CRA’s Income Tax Technical News no. 43. To read the entirety of the technical guide please click the image below:
I am a canadian and have an IRA with a US bank/broker and i would like to know if i can convert IRA into an IRA Annuity (roth ira). If so is there a with holding tax when i receive the annuity.
I have filed w8ben with the bank and i wonder if i enter my canadian social security on line 6 of the w8ben.
Any clarifications you provide are greatly appreciated.
Hey Phil, there is a slight updated version of Income Tax Folio S5-F3-C1, Taxation of a Roth IRA at the following link: https://www.canada.ca/en/revenue-agency/services/tax/technical-information/income-tax/income-tax-folios-index/series-5-international-residency/folio-3-cross-border-issues/income-tax-folio-s5-f3-c1-taxation-roth-ira.html
You might just want to update the link above…