Rollover IRA to Canadian RRSP?

[draccoon]

What is the name of your state? CALIFORNIA

I am a dual Canadian-American citizen, living in the US for the past 13 years. I've had a traditional IRA since 2000 and am in the process of moving back to Canada to buy my first home.

I understand that in Canada you can use some of your RRSP towards a first-home purchase.

Is it possible to rollover a US IRA to a Canadian RRSP? If so, how does one go about doing this and are there any penalties from a tax perspective? Or is it simply treated as a standard rollover?

Thanks so much for any advice you can lend!

 

[divgradcurl]

What is the name of your state? CALIFORNIA

I am a dual Canadian-American citizen, living in the US for the past 13 years. I've had a traditional IRA since 2000 and am in the process of moving back to Canada to buy my first home.

I understand that in Canada you can use some of your RRSP towards a first-home purchase.

Is it possible to rollover a US IRA to a Canadian RRSP? If so, how does one go about doing this and are there any penalties from a tax perspective? Or is it simply treated as a standard rollover?

Thanks so much for any advice you can lend!

You need to talk with a CPA or enrolled agent who has experience with issues like this -- this is pretty specialized stuff, so don't be suprised if it's not easy to find someone who actually knows the answer to your question and can provide you with the proper procedures if it is doable.

 

[draccoon]

Thanks Divgradcurl! I'll look in another direction... Appreciate you taking the time to respond...