Reporting foreign income

I have an IRA account in the States from when I lived/worked there. As a Canadian citizen, studying abroad in the UK now, do I report this IRA account as "foreign income" on my tax return for 2023?

If yes and I report this on my Canadian tax return, do I continue to do so until I cash it out at 60?

924

Moderator

Mar 17, 2024 5:32:39 PM

If you were receiving income from your IRA account, you would have to report it. But if you just have an account and are not contributing to it or taking money from it, then you might not have to report it. I would recommend calling the CRA and checking with them.

If you are in Canada or the United States, you can call the CRA at 1-800-959-8281. If you are elsewhere, you can call 613-940-8495. This page has more ways to contact the CRA: Contact the Canada Revenue Agency

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Reporting foreign income