Hi
Can anyone tell me in US IRAs, roths which are held in a US brokerage firm are to reported for form t1135 ...reporting foreign funds .
We will have a US bank account, > 100k usd
IRA, roths, HSA all located in USA
no other assets.
I know we will have to report our US bank account since it will have more than 100k USD,
The only other US assets we will have are IRA,roth IRA and HSA...
I believe we have to sign a tax deferral notice for our roths when we file our taxs, form what I have researched the roth does not then have to be reported on t1135 after you have signed the one time deferral notice??????
not 100% certain on this, that being said I would rather over report than not !
Once we relocate no more contributions will be made to the roth, we intend on leaving it in USA, until we start withdrwaing funds when we are 60
How does CRA treat us IRAs, are they reported on t1135, I do not have a problem reporting any money we have , I just want to make sure every thing is reported correctly............I would rather over report , than try to interpert anything for CRA..!!!!
Does CRA classify IRA as a foreign asset , or do they treat it like a RRSP???
I am just tring to educate myself before the move, I am sure the expensive expensive tax specialist will know all this, but I would like to have a bit of background myself.
Thank you for any put . have a great day .
btw...........any one have any experience with HSA once you move to Canada ?? we have 40k in the account, can we leave it in USA and use for medical expense in Canada for prescriptions, dental,vision ???
IF not can we leave it in USA and withdraw when we are 65 ?