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Infographic: U.S. IRAs Can Be a Taxing Issue for Canadian Beneficiaries

June 29, 2022 By Cardinal Point Wealth

U.S. IRAs Can Be a Taxing Issue for Canadian Beneficiaries Infographic

A Canadian inheriting a U.S. IRA faces different tax implications than an inheritance in Canada would generate, namely, income tax and income withholding in the U.S. and income tax in Canada. It may be possible though for such a beneficiary to defer taxes in both countries by establishing an Inherited IRA account. Cardinal Point’s cross-border specialists are well positioned to guide you through the rules, procedures, and reporting requirements governing this option.

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“Cardinal Point” is the brand under which dedicated professionals within Cardinal Point Capital Management, ULC provide financial, tax and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point Capital Management, ULC is a US registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.