Question
One of our readers reached out with the following question:
I’m a Canadian citizen who has worked in the US for the last four years on a work visa. I put some money into a 401k, and before I left, had the 401k converted to an IRA. I’ve been back in Canada for a while now, and still have the IRA. What do I have to report to CRA on this? I haven’t taken any withdrawals from the account since it started.
Answer
Fortunately for both 401k and IRA plans (Roth IRA’s too), these can be ignored for CRA reporting purposes until funds are withdrawn. At that point you will need to report the income.
Usual Disclaimer: This information is for general information purposes only, and deals with complicated and time-sensitive info that may not apply to your situation. Tax rules are always changing, and this information may not be current. Tax is complicated, this information is not tax advice, and don’t rely on this info to make tax decisions – Hire someone to help you.