ROTH IRAs for TN moving back to Canada = Gary Gauvin reply - international non-resident cross border income tax help estate fami
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Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office)
Gary Gauvin was
one of two partners in my Ottawa office from about 1984 to 1994. He now
practices in Texas.
david
ingram
-----------------------------------
Subject: Roth IRAs
I was referred to you by David
Ingram. I am a Canadian citizen, working in
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From:
Gary Gauvin [mailto:tax@garygauvin.com]
Sent: Thursday, January 25,
2007 1:46 PM
To: xxxxxxxx
Cc:
taxman@centa.com
Subject: RE: Roth IRAs
Importance:
High
Hi XXXXXXX
Article
XVIII(1) of the Canada US Tax Treaty states that [reworded for
clarity]:
"Pensions"
arising in the US and paid to a resident of Canada shall have a non-taxable
portion computed just as it would be for a US resident receiving the amount.
Thus the taxable amount determined for US purposes is all that Canada can
tax.
Article
XVIII(3) was amended by the third protocol to specifically clarify it includes
IRAs, RRSPs and the like under the definition of "pensions"
On its own
the treaty clearly exempts from Canadian taxation both the principal
and income elements of distributions that would be non-taxable for US purposes.
Whether The Income Tax Act allows for this treatment is irrelevant if it is
overridden by the tax treaty.
In my
humble opinion, none of the distribution is taxable in Canada if it would not be
taxable in the US. Canada Revenue on its own may not agree but I believe the US
or Canadian competent authority would agree, as would the courts.
In another
example of this treaty provision, Canadian resident recipients of United
Nation's pensions (even who have never worked or spent a day in the US) are
taxable in Canada using the rules in Internal Revenue Code §72 because of
the treaty provision. Just because the pension is administered from NYC.
The regular Canadian rules are again not relevant. Details of this are in a
paper at www.garygauvin.com/resources.htm which
I was called upon to review for United Nations pension retirees.
A Roth IRA
is NOT a Canadian "Foreign Retirement Arrangement" defined at ITA §248 which
specifically includes only Regular IRAs IRC§ 408(a) and IRA Annuities IRC§
408(b). Note that Roth IRAs are IRC§ 408A(b). This does not
mean Roth IRAs are not a "retirement vehicle" as you describe, merely
that they are not a specific type defined in the Income Tax Act.
As with everything I am
always open for debate.
Hope this helps.
Gary
Gary P Gauvin LLC
Income Tax Services
2500 Rochelle Rd
Rockwall TX 75032
Phone (469) 273-3399
Fax (972) 772-4184
www.garygauvin.com
Income Tax Services
2500 Rochelle Rd
Rockwall TX 75032
Phone (469) 273-3399
Fax (972) 772-4184
www.garygauvin.com
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa Specialists
US / Canada Real Estate Specialists
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US / Canada / Mexico tax, Immigration and working Visa Specialists
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My Home office is at:
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Cell (604) 657-8451 -
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(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 9 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office)
Disclaimer: This question has been answered without detailed
information or consultation and is to be regarded only as general
comment. Nothing in this message is or should be construed as advice
in any particular circumstances. No contract exists between the reader and the
author and any and all non-contractual duties are expressly denied. All
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