Canadian Resident with million $ IRA
I have a Canadian resident, also being a United States noncitizen nonresident alien, who has approximately $1,000,000 in an IRA. His wife is also a Canadian resident as well. My concern is if we should be doing something with these monies. The client is close to 70 years old. Should I be doing something with this IRA now?. He was born in 1940 and she in 1945.
Permalink Submitted by Alan Spross on Sun, 2010-12-19 00:59
The problem here is that there is no portability between US and Canadian retirement accounts. Therefore, about all he can do is take his RMDs in a timely fashion and get a good international tax accountant to make the most of any foreign tax credits.
Perhaps someone with a practice near the Canadian border can be more specific, since these situations are not that unique.
Permalink Submitted by Bruce Steiner on Sun, 2010-12-19 05:59
See Article XVIII, paragraph 7, of the U.S.-Canada tax treaty, which was added by Article 9 of the third protocol (amendment) to the treaty.
Permalink Submitted by Darrell Thompson on Sun, 2011-03-13 17:55
Hello:
I am a FINRA-licensed registered representative in 31 states. My firm and I have the necessary registrations/licensing to deal with IRA accounts held by Canadian residents. If you would like more information, I can be emailed at [email protected] or called toll-free at 866-775-7704.
Sincerely,
Darrell Thompson
Registered Representative
Macquarie Private Wealth Corp.