If you’ve worked in the United States but now live in Canada, you might not know what to do with your U.S. Individual Retirement Account, or IRA.

An IRA can be good for funding retirement but it can also be difficult to manage as a Canadian resident.

The benefits of moving an IRA to Canada

Canadian advisers with limited cross-border experience might suggest you transfer the IRA to your Registered Retirement Savings Plan. Canadian tax laws allow this but just because you can do it, should you?

First off, you should only consider this option if you are 59.5 years or older. Before that age, the U.S. charges an early withdrawal tax of 10 per cent that does not qualify as a foreign tax credit in Canada.

Simplifying your finances is a big draw. If you are retiring in Canada, dealing with

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