QUESTION: I looked through the archives and could not find a reply to this
specific question. I am a U.S. Citizen married to a Canadian. I recently
landed as a Permanent Resident of Canada, but am currently residing in the
U.S. preparing to move to Canada permanently next month. I have money in a
401K plan through my current (U.S.) employer. I would like to invest this
money in a different type of account before I move to Canada. What are my
options? What options have the best tax benefits? Thanks for your time.
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david ingram replies:
Move it into an IRA. That will leave you free to move it around later. If
you have not owned a house, you will be able to take out up to $10,000 to
buy a house in Canada without paying the 10% penalty.
In addition, if you did want to move the money into a Canadian RRSP, it is
possible by taking it out and rolling it into a Canadian RRSP. The US will
tax you and penalize you the 10% but the deduction in Canada is usually
enough to offset the US tax and you get to claim the foreign tax credit. I
don't recommend this by the way - I am just saying it is possible.
My suggestion is that you leave the IRA in the US in a very strong world
economy and it will be there for you in the future if you decide to return
to the US and will be there for the future if you stay in Canada.
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