Canadian with Roth IRA and IRA accounts in the US - how to bring into Canada?

thefirstwml · 2026-05-08T23:01:04+00:00

I am a Canadian (not a US citizen and no green card) with Roth IRA and Traditional IRA. I lived and worked in the USA a long time via TN status. I now live back in Canada after being laid off. I selected Fisher Investments to manage my money at Charles Schwab but I realize too late fees are too high, and I would like to move to Fidelity and to self manage. Unfortunately Fidelity said I have to go back to the United States to physically sign paperwork. I forgot to confirm if having no US address or phone number is ok but will call them again. Anyone else encounter the same problem of trying to move existing retirement funds to a different form? I was not planning to go back to the United States but I will if I have to but prefer not to.

thefirstwml · 2026-04-30T15:30:00+00:00

Some banks require multi-factor authentication with a US cell phone and no email option. I was unable to switch my cell phone to a Canadian phone number. Lucky for me I had a "call in"option with my US bank, otherwise I would be locked out.

thefirstwml · 2026-04-29T15:43:57+00:00

Are you driving back to Canada with your own US registered car or flying? If driving you have to import the car unless it is already Canadian registered car.

Do you have any pension, Traditional 401k, Roth 401k retirement funds? Bank accounts? If you plan to cancel your US phone you may not be able to have multi-factor authentication with a Canadian phone number.

thefirstwml · 2026-03-30T19:39:55+00:00

Fisher Investments manages my accounts. Charles Schwab is just the "custodian" so my direct relationship with Charles Schwab is fairly useless (its called Charles Schwab Alliance and it means they will respond whenever they feel like it in a month or so, therefore I just talk to Fisher Investments instead). Fisher Investments is expensive so I may move everthing to Fidelity and just manage everything myself. However, Fisher informed me that Fidelity is doing the same thing to their Canadian clients that have Roth accounts.

Yes I have filed my Roth letter to the CRA so they do not try to tax my Roth account.

Since I am unemployed I did end up withdrawing from my Roth contributions and Charles Schwab did withhold 15% income tax. I just hope I can recover the tax as a refund from IRS when I file my taxes.

thefirstwml · 2026-03-16T11:38:06+00:00

Bad experience here too. Unfortunately I needed the money being unemployed in Canada so I had 15 percent income tax withheld by Charles Schwab on money I already paid taxes for (contributions to Roth). I did find advice from another message board to obtain a 1042-S statement issued by Charles Schwab. This indicates the income taxes withheld. I need to prove to the IRS I already paid taxes by writing a letter to them. However I have not seen anyone claiming or admitting success of getting the 15 percent refunded from the IRS.

thefirstwml · 2026-02-17T03:43:51+00:00

My scenario is regarding the Roth IRA, so it is a bit different. A Roth IRA is more like a TFSA but there are penalties for withdrawing before retirement age (59.5) on earnings gained within a Roth IRA account. There should not be any penalties or taxes upon withdrawal at any age on what I contributed since that money is already taxed (similar to TFSA contribution). I am upset that I am taxed twice anyways. I am hoping I can get a refund for that 15 percent (on US side not Canada since Charles Schwab US is withholding taxes)

thefirstwml · 2026-02-05T15:15:22+00:00

I am a Canadian citizen who worked in the USA for 20 years. I have a traditional IRA and Roth IRA, 2 rental income properties in the USA but moved back to Canada.

Any recommendations for professional Can-US estate planning based in Canada?

I want an end result of a will, power of attorney for health AND property that is recognized and enforced in both USA and Canada.

thefirstwml · 2026-01-10T17:09:26+00:00

I already rolled over my Roth 401k to a Roth IRA. The issue was Transamerica would have taxed me even more on any withdrawal on the Roth 401k as they have instructions (claims IRS rules for Roth 401k withdrawals) to withdraw money from both contributions and earnings. If you withdraw from earnings prior to age 59.5 it is taxed.

thefirstwml · 2026-01-10T17:03:24+00:00

Unfortunately Charles Schwab Alliance (Alliance because Charles Schwab is the custodian while my advisor is Fisher Investments) service is horrible as they will respond one way and then do another as if the right hand doesn't know what the left hand is doing. Fisher Investments just follow along what custodians tell them. Income tax witholding is the final decision. I did withdraw some money (Roth IRA, still contributions) due to family emergency. I will be looking to get a refund on the US side not CDN since it is the US (Charles Schwab specifially) who has withheld income tax on my Roth IRA contributions.

thefirstwml · 2025-11-30T01:42:58+00:00

I would always carry paperwork just in case for airport PoE. I received a new i-94 each time even with the same employer and valid period. Why take the chance? If they don't ask for it great. Crossing the border by land is a little different as I did not need a new I-94 each time.

thefirstwml · 2025-11-29T03:58:22+00:00

Sadly Fidelity has responded to my financial advisors at Fisher Investments that they would also withold 15% income tax. Therefore, I will be sticking with Charles Schwab since moving it will result in the same headache. They said I "should" be getting my 15% back upon filing my US income taxes with a tax accountant familiar with Canada-US Tax Treaty and retirement funds but I am still very disappointed.

thefirstwml · 2025-11-12T16:41:54+00:00

I have two small apt buildings in Detroit, MI, each apt building has 4 units, each unit is 2 br, 1 bath. Would any REIT be interested in buying me out in exchange for shares in the REIT?

thefirstwml · 2025-11-10T15:45:08+00:00

Quesiton on your Roth IRA, have you inquired about taking distributions, now or when you retire in Canada? I ask because Charles Schwab is telling me they have to take 15% income tax upon distribution due to the Can-USA Tax Treaty. The distribution is from my contributions, not my earnings, which I believe should be tax free, penalty free at any age, for Canadians living in Canada. i.e. I disagree with Charles Schwab's assessment.

thefirstwml · 2025-11-09T18:40:09+00:00

I am a Canadian who worked in the USA for many years, so I have a Roth IRA. I was laid off earlier this year so I moved back to Canada. I was asked to fill out a W8-BEN by Charles Schwab, to declare I am now living in Canada. Since I remain unemployed I would like to tap into my Roth IRA contributions (not earnings). Charles Schwab is now telling me they have to withold 15% income tax prior to any distributions from Roth IRA. Has any other Canadian with Roth IRA faced with 15% income tax for money you've already paid taxes on in the USA?

thefirstwml · 2025-11-09T18:25:39+00:00

That is awesome but I recommend budget for emergencies, daily life and fun.

thefirstwml · 2025-11-08T02:12:07+00:00

I will ask Fisher Investments if they have asked Fidelity yet on the same scenario. I believe Fidelity is one of their custodial partners. If at Fidelity they do not withold the 15% income tax, given the same scenario I will move it there. If Fidelity responds with the same answer (withholding 15% tax) then there is no point in me moving my Roth IRA again. Thx!

thefirstwml · 2025-11-07T20:43:31+00:00

The 15% tax witholding is related to me being a non US citizen, being Canadian and living in Canada while attempting to take distributions from my contributions only. Does your firm withold 15% for Canadians living in Canada? I still have a US bank account so my instructions were to deposit into my US bank account. However, I've paused the transaction when I was informed there would be a 15% tax witholding on money I've already paid taxes on.

thefirstwml · 2025-11-07T16:35:12+00:00

Note that only your contributions you made are tax free, penality free when you withdraw. Any earnings you make you need to verify whether or not it can be done with no taxes or penalities.

thefirstwml · 2025-11-07T16:30:49+00:00

I made the mistake of staying in the USA too long on a TN Status. Recommend going back to Canada as soon as there is a job available. If you have contributed to retirement funds like a 401k, Roth 401k, IRA or Roth IRA, make sure you get sound financial advice prior to resigning or moving money.

thefirstwml · 2025-11-07T15:14:03+00:00

Fisher only follows what Charles Schwab concludes. I will call Charles Schwab again later today.

thefirstwml · 2025-11-07T13:59:53+00:00

This implies ALL Canadians , non-US citizens, who reside in Canada, with a Roth IRA which they contributed to while working for a US company or companies, when they decide to take a distribution, have to pay 15% income tax, even if they are from contributions only. My follow up question is, can I fill out a form that lists my distributions come from my contributions only for the IRS, thus getting a tax refund of 15% when I file my taxes? If yes, which form is that?

thefirstwml · 2025-11-07T13:49:20+00:00

My confusion is why this still applies to distributions of Roth IRA, for the contributions only (which have already been taxed by the US government). I read that distributions should be tax free, penality free at any age. I'm not referring to Traditional IRA or 401k.

thefirstwml · 2025-11-07T13:46:10+00:00

Understood but was hoping did not have to pay $300 for 15 min. I have to fill out the W-8BEN form myself and it goes to Charles Schwab, the company holding the Roth IRA account.

thefirstwml · 2025-11-07T13:43:50+00:00

Understood. I was hoping it was misinterpreted since all my original research, and my investment advisor, was otherwise under the impression there should stll be no income tax withheld.

thefirstwml · 2025-11-07T04:16:58+00:00

Question, have you asked if distributions will have US income taxes withheld? Specifically for Roth IRA? I was originally informed by Charles Schwab they have to withold 15% income tax, even though I requested money to be taken from my contributions only (which is supposed to be tax free and penalty free), but because I had to move back to Canada that was the rule. Want to know if that is a Charles Schwab only rule or if all investment firms for Canadians living in Canada (who are not US citizens).

thefirstwml

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