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Canadian Royalty Trust 15% tax credit in an IRA

  
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Subject Author Date
Canadian Royalty Trust 15% tax credit in an IRA David 08-25-2008
Posted by David on August 25, 2008, 6:36 pm
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If one is US resident and holds a Can Roy such as PWE in an IRA, can
you take the 15% foreign tax credit? The Canadian govt takes 15% of
your dividends before you get them. If you hold it in a taxable acct
you get that as a tax credit. Can you still get it if you hold it in
an IRA?

========================================= MODERATOR'S COMMENT:
Sorry, no foreign tax credit. What happens in an IRA stays in the
IRA.

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Posted by Alan on August 25, 2008, 8:16 pm
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David wrote:
> If one is US resident and holds a Can Roy such as PWE in an IRA, can
> you take the 15% foreign tax credit? The Canadian govt takes 15% of
> your dividends before you get them. If you hold it in a taxable acct
> you get that as a tax credit. Can you still get it if you hold it in
> an IRA?
>
> ========================================= MODERATOR'S COMMENT:
> Sorry, no foreign tax credit. What happens in an IRA stays in the
> IRA.
>
The Moderator's answer is correct.

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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