My_question_is: Applicable to both US and Canada
Subject: 401K transfer to RRSP
Expert: taxman at centa.com
Date: Sunday January 07, 2007
Time: 07:36 PM -0500
QUESTION:
I am an American citizen, with Permanent Resident status in Canada, working
towards Canadian Citizenship, Living in Niagara Falls, Ontario, working in
Niagara Falls, New York. I currently have a student loan of 30K which I am
quickly paying off, and a large mortgage on an Ontario property.
My potential for income in the next few years, I have 15-20 before
retirement, is 100K+. My partner, who is Canadian, has 250K in RRSP. I
have no saving at all. We are not sure if we will retire in Canada or US,
60% likely to be US.
My question is, what is the best retirement vehicle to fund, IRA, ROTH IRA,
401K or RRSP? My company does not provide any matching funds for IRA or
401K.
Thanks!
-----------------------------
david ingram replies:
In my opinion, you are better off paying down your student loan and mortgage
with after tax dollars than you are buying an RRSP, IRA, ROTH IRA or 401(K)
at this time. Once the mortgage and loan are paid off, look at an RRSP.
Your ultimate tax bill is to Canada.
--------------------------------------
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