David:
I obtained your email address through a Google search. I am
wondering if your firm can provide services for transfer of a
401K plan to Canada.
If so, could you please reply to this email.
Thank you.
_______________________________
david ingram replies:
There is nothing I can do to transfer a 401(K) to Canada other
than to tell you how to do it.
I am happy to consult with you if you need a phone or in house
consultation. I charge $400.00 Canadian per hour.
The following is from an old newsletter Q & A and explains how to
do it.
------------------------
QUESTION:
I worked in California for 4 yrs. returned to BC in 2004.
I need to transfer my retirement fund but having difficulties
with bank and credit union. US specifies that I must roll it
over to IRA accounts (Individual retirement account. I do not
want to be subject to the 20% withholding fee for IRS. What
would be the best way to get the funds to me here in Canada.
=======================================
david ingram replies:
1. move it to an IRA and leave it there in one of the world's
strongest economies. Most financial advisors are trying to get
"more" of their clients' money into US funds.
2. If you just have to have it in Canada, you have to cash it
in in the US and pay your tax to the US. take what is left, add
the amount (even if borrowed) of the tax you paid to the US and
buy your Canadian RRSP. That will give you a tax deduction which
should be larger than the tax you paid to the US.
When you get the refund, pay back the loan. You will have
transferred the money quite handily.
The amount you took out is also taxable on your Canadian return.
Pay that tax with the tax you paid to the US as a foreign tax
credit.
You will likely need help.
Fred Snyder at (604) 731-8900 who is with Dundee Wealth
management can help you with the process if you are in BC.
Darrell Thompson at Blackmont securities in Toronto (866)
775-7704 can help you in Ontario or any of the US States.
----------------------------------
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.
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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Afghanistan, Mali, Bangkok, Greenland, Iceland, Cuba, Bahamas,
Bermuda, Barbados, St Vincent, Grenada,, Virgin Islands, US, UK,
GB, American and Canadian and Mexican and any of the 43 states
with state tax returns, etc.
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planner planning preparer of Alaska, Alabama, Arkansas,
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Texas Taxman and Tax Guru and wizzard
wizard - David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
davidingram at shaw.ca
www.centa.com www.david-ingram.com
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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assistance expert preparation & immigration consultant david
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