When you said “they need to be funded while non-residentâ€, did you mean a Roth IRA will need contribution periodically? Once I move back to Canada, I will be a non-resident with no U.S. income. Can I still contribute in Roth IRA?
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“There is a difference between a non-retirement account and a retirement account in terms of regulations.â€
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This IRA (Roth IRA) will be a retirement account. Does it mean that Canadian law allows Canadian residents to maintain U.S. accounts in brokerage firms?
Thanks for your advice in this very confusing issue.
Search found 2 matches
- Fri Jul 04, 2008 7:24 am
- Forum: Canada / United States Tax & Accounting
- Topic: Moving back to Canada from U.S.A.: 401(k) IRA, Roth IRA
- Replies: 4
- Views: 4921
- Thu Jul 03, 2008 9:23 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Moving back to Canada from U.S.A.: 401(k) IRA, Roth IRA
- Replies: 4
- Views: 4921
Moving back to Canada from U.S.A.: 401(k) IRA, Roth IRA
I work in U.S.A. and plan to move back to Canada in the next month or so. I will have no or very little Canadian income this year or next year.
(1) I have a 401(k) account. I heard there is a change in the Roth IRA that may make it more beneficial to directly rollover from a 401(k) to Roth IRA instead of a direct rollover to a traditional IRA. Can you please advise?
(2) I inquired with a few brokers on 401(k) rollover to IRA. Once they heard that I will be a non-resident of the U.S.A., and I will have a Canadian address, they either said I cannot have an IRA account with foreign address OR they cannot maintain an IRA account for a non-resident. They mentioned that they are “... ... not licensed in Canada to offer our products and services.†I am confused with this licensing thing. Do you know any firm/bank/broker that will allow a Canadian to maintain an IRA account?
(3) One of the firms also said that “Canadian law does not allow Canadian residents to open or maintain U.S. brokerage accounts ... ... †Is that true? Does it mean I can open an IRA account as a U.S. resident but I cannot maintain it once I become non-resident in U.S.A.?
(4) Another agent mentioned that one cannot hold open-ended mutual funds as a part of an IRA account when that person becomes non-resident in U.S.A. Is that true?
(1) I have a 401(k) account. I heard there is a change in the Roth IRA that may make it more beneficial to directly rollover from a 401(k) to Roth IRA instead of a direct rollover to a traditional IRA. Can you please advise?
(2) I inquired with a few brokers on 401(k) rollover to IRA. Once they heard that I will be a non-resident of the U.S.A., and I will have a Canadian address, they either said I cannot have an IRA account with foreign address OR they cannot maintain an IRA account for a non-resident. They mentioned that they are “... ... not licensed in Canada to offer our products and services.†I am confused with this licensing thing. Do you know any firm/bank/broker that will allow a Canadian to maintain an IRA account?
(3) One of the firms also said that “Canadian law does not allow Canadian residents to open or maintain U.S. brokerage accounts ... ... †Is that true? Does it mean I can open an IRA account as a U.S. resident but I cannot maintain it once I become non-resident in U.S.A.?
(4) Another agent mentioned that one cannot hold open-ended mutual funds as a part of an IRA account when that person becomes non-resident in U.S.A. Is that true?