Search found 5 matches

by rsmith
Tue May 22, 2007 12:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Transfering my 401k to Cdn RRSP
Replies: 1
Views: 2668

Transfering my 401k to Cdn RRSP

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 ...
by rsmith
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 ...
by rsmith
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 ...
by rsmith
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 ...
by rsmith
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 ...