IRA Conversion after moving to Canada from US

[jmcpray]

Hello,

I am a US citizen who became a PR of Canada in June, when I began living and working in Canada. I have a $50,000 USD IRA in from a few years ago that I'd like to convert to a Roth IRA. When US residents do this conversion, they pay income tax on the amount converted.

So my question is, will I have to pay Canadian income tax on it since I am now a Canadian PR, or since the investment is held at a US brokerage and was funded with income earned in the US before I became a Canadian resident, will I pay US income tax?

Thanks!

 

[jmcpray]

From further research, it looks like the amount converted from the IRA to the Roth would be counted as income in Canada and taxed accordingly. In addition, I'm reading that the growth on the converted amount would be taxed annually in Canada, so there's no benefit to converting it anyway.

Just wanted to let you know what I found. If anyone has contrary information, please let me know.

Thanks!