Retirement planning with 401k and

My_question_is: Applicable to Another Jurisdiction or Multi-jurisdictions
Subject:        Retirement planning with 401k and RRSP
Expert:         taxman at centa.com
Date:           Tuesday October 24, 2006
Time:           09:02 PM -0400
QUESTION:
I am a Canadian citizen who left Canada to work in Saudi Arabia in November
1994. My wife and family joined me in March 1995. Our house was rented for a
few years, but was eventually sold. Eventually I stopped submitting Canadian
income tax returns (my accountant said it was OK...). I still have a
canadian credit card (US address) and a bank account (for disability
insurance debits and paying credit card).
In September 2001 I accepted a job in the USA. In December 2001 we left
Saudi Arabia. In January 2002 my family and I moved to the USA and purchased
a house with a mortgage. Since arriving in the USA I have been investing in
401k, 457b and 401a plans. The value of these accounts as of yesterday was
297K USD.
I have two RRSP accounts  (total $130K CAD) and my wife has an RRSP ($146K
CAD).
I currently have a Green Card. I am 52 years old.
Questions:
1. What should I do with 401k 457b 401a and RRSPs etc if I decide to return
to Canada before age 59 1/2?
2. What should I do if I decide to return to Canada after 59 1/2?
3. What should I decide to do if I were to decide to take a job in the
United Kingdom?
4. What should I decide to do if I were to take a job in the Middle East
(been there, done that, got the T-shirts, but one neveer knows...)
5. Should I ever consider applying for US citizenship, or would it be better
for me to remain an expatriate Canadian?
Thanks!
--------------------------------
david ingram replies:
Your amounts are enough that you should be seeking some real direction.
This answer is a generality and should not be acted upon without further
consultation and fairly in-depth analysis.
1. Leave them intact or roll into an IRA where they can be left until after
59 1/2 or even to age 65 and then taken out as a pension.
2. Likely the same, although you may decide to roll some or all into an
RRSP.  However, i would likely advise leaving some, if not all, in the US.
The rollover is a process, not a direct transfer and involves paying tax to
the US and claiming a foreign tax credit in Canada.
3. Same Thing
4. Have to decide whether to keep your green card or becoming a US citizen
because you can become tax free in the middle east as a Canadian but not as
a US citizen or green card holder.
5. I suggest going for the citizenship because of the freedom it gives you
in terms of movement or even sponsoring an adult child to move to the US
with an instant green card.
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