An individual retirement account (IRA) is a personal savings plan offered in the United States. Similar to the Canadian registered retirement savings plan (RRSP), the IRA offers income tax benefits to individuals who are saving money for retirement. But what are the tax implications when a Canadian citizen inherits a U.S. IRA?
Let’s look at an example to see how this works. Let’s say you have an Aunt Betty in Ohio. She dies and then names you as the beneficiary of her traditional IRA, and you inh