I am embarking on a strategy to transfer my ($120k) 401k to my Cdn RRSP over the next 3-5 years in a manner to minimize tax implications. Am retired 55 year old Cdn citizen, living in Canada.
My assumptions:
1. I am transfering the entire 401k balance to an IRA without penalty or tax implication.
2 ...
Search found 5 matches
- Tue May 22, 2007 12:27 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Transfering my 401k to Cdn RRSP
- Replies: 1
- Views: 2668
- Fri May 18, 2007 2:48 am
- Forum: Canada / United States Tax & Accounting
- Topic: physical presence in US with IRA
- Replies: 1
- Views: 2232
physical presence in US with IRA
Am Cdn citizen with IRA from prior US employment. If I begin to take distributions from that IRA, I have been advised to limit my time in US to 30 days at a time so I do not jeopardize residency status with potential IRS tax`implications. Specifically, I must limit my physical presence in the U.S ...
- Wed May 02, 2007 11:17 am
- Forum: Canada / United States Tax & Accounting
- Topic: associate mortage interest with RRSP
- Replies: 1
- Views: 2384
associate mortage interest with RRSP
I have 'moved' a locked in RRSP from one institution to another, cuurent value $250,000. It currently sits in a RRSP savings account pending recommendations on investment options/strategies/etc. I am also re-mortgaging my primary residence for the same anount. Can I 'associate' the 2 events in a ...
- Wed Feb 22, 2006 10:38 am
- Forum: Canada / United States Tax & Accounting
- Topic: 401 withdrawl into Canada
- Replies: 6
- Views: 6894
401k withdrawal into Canada
Thanks for the insights. Would still like clarification on whether the 10% "early withdrwal penalty" can be applied to the Canadian tax credit calculation.
Nelsona's advice from another inquiry ("IRA withdrawal;randyb") was:
"The entire withdrawl is taxable. The final US tax, along with the ...
Nelsona's advice from another inquiry ("IRA withdrawal;randyb") was:
"The entire withdrawl is taxable. The final US tax, along with the ...
- Mon Feb 20, 2006 12:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: 401 withdrawl into Canada
- Replies: 6
- Views: 6894
401 withdrawl into Canada
I am a Canadian citizen, but still retain a 100k balance in a 401 k in the US (where I once worked).
Been back in Canada for two years, am 54 years old, retired, and would like to withdraw the 100K.
Can I withdraw directly from the 401k without first transfering to an IRA?
What are the penalties ...
Been back in Canada for two years, am 54 years old, retired, and would like to withdraw the 100K.
Can I withdraw directly from the 401k without first transfering to an IRA?
What are the penalties ...