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Good afternoon David,
You've had a lot of queries lately about rolling a 401 k into an RRSP.
Two questions in regard to this.
1) can this be done anytime after a person relocates from the US to Canada,
or must it be done in the same year as the relocation ?
2) what are the benefits or drawbacks to simply leaving the 401k intact
until retirement ?
Enjoy your newsletter,
Thanks ...
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david ingram replies:
1. Theoretically, you can do it anytime. However, for tax efficiency, you would usually only want to do it when your taxable income in CANADA has exceeded $50,000 or so.
2. I would be inclined to leave the monies in an IRA in the USA. Just about every financial consultant I ever meet is trying to get their clients' RRSP money into US stocks or clone funds.
Leaving it there makes sense to me.
When I see attempts to move it, I usually think that the only reason is that the consultant who wants you to move it is looking at a new commission. Hate to be such a pessimist but that is the way it usually goes.
That is one of the reasons that I like Fred Snyder (604) 731-8900 and George Hatton (604) 657-8451 of Dundee. Both of them will suggest a house or have you leave your money where it is OR pay off non-deductible interest debt rather than just wash trade you into a different investment.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - Long distance calls to 1-866-778-0600.
Old shows are archived at the site.
--------------Fred Snyder and I are giving free seminars on making your CANADIAN mortgage interest tax deductible at our new office at
1764 West 7th
Vancouver.
This is in the Spence Diamond Building at the corner of 7th and Burrard
and is very easy to find.
When: Just about " Every" Thursday Night
Time: 7 to 9 PM
RSVP: phone (604) 731-8900 to reserve (limited to 15 people)
My time is still spent at
108-100 Park Royal South
West Vancouver, BC
(604) 980-0321
david ingram
This from ask an income tax immigration planning and bankruptcy expert consultant guru or preparer from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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