I am a Canadian citizen now residing 100% in Canada.
In 2004 I returned to Canada After working in the USA
for 5 years on a visa.
During the 5 years in the USA I contributed to a
401(k) and I plan to leave that in the USA until I
retire in 25 years.
I also contributed to a ROTH IRA. This year (2006) I
closed out the Roth IRA because Canada does not
recognize the tax sheltered status. So I brought the
money back to Canada (and applied to my mortgage!).
1.Do I report as income the principal amount of the
ROTH IRA on my Canadian return. I assume not because
the ROTH is after tax dollars. I paid tax on those
earnings while living in the USA.
2.Do I:
(a.)report all of the interest on the ROTH IRA that I
accumulated since I started the IRA in 1999 while in
the USA? Or,
(b.) just the interest on the Roth IRA I accumulated
since I returned to Canada in June 2004?
I love your information. Thanks in advance
__________________________________________________
david ingram replies:
You should have valued it as you came across the border.
Since 1985, Canada has required the annual reporting of any accrued interest
even if not received or cashed in.
In 2004 you should have reported any interest earned from July to Dec 31st.
In 2005, you should have reported the 2005 interest.
In 2006 you will report the 2006 interest.
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