Thinking of rolling your RRSP into a U.S. IRA? Here's why it doesn’t work ⛔️🇨🇦➡️🇺🇸

Thinking of rolling your RRSP into a U.S. IRA? Here's why it doesn’t work ⛔️🇨🇦➡️🇺🇸

RRSP funds were earned pre-tax in Canada.
So when you withdraw it as a U.S. resident:
👉 It's considered a distribution, not a rollover
👉 Canada withholds 25% tax on lump-sum withdrawals
👉 U.S. also taxes it — because you’re taxed on worldwide income

#RRSP #IRA #CrossBorderCPA #AkifCPA #CanadianInUSA #TaxTips #FinanceTok #RetirementPlanning #TaxTok

Check out my video for why it doesn’t work — and what happens when you withdraw.

#RRSP #IRA #CrossBorderCPA #TaxTips #RetirementMoney #USCanadaTaxes #AkifCPA #FinanceTok #TaxTok #CPAInsights

🇨🇦🇺🇸 Can You Roll Over Your RRSP Into a U.S. IRA? Here's What You Need to Know

Full video on my YouTube Channel:    • Can You Roll Over Your RRSP Into a U....  

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