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I can't take the money now. I will be eligible for distribution in December 2011 and I'm moving to Canada in December 2010. I went to Citibank and tried to open Traditional IRA and I was told that in order to move the money from Profit Sharing Plan to IRA it has to be a Rollover IRA and I can't open...

Yes, at the time of withdrawal I would be a resident of Canada. Do you mean that I will have to pay the tax twice in both USA and Canada when I withdraw the money from the profit sharing plan and deposit them into my bank account? If yes, are there any tax credits to avoid double taxation.
Thanks

Thank you or your posts.
How this is going to work when I will distribute money from profit sharing directly to a bank account in USA and than to a bank account in Canada.
After paying the tax in USA should I also add the amount of withdrawal to my income in Canada on my income tax return?

Hi I'm moving to Canada from USA in December 2010. I will be a permanent resident in Canada. I have been living in Illinois for 10 years and working for the same company. My company has a profit sharing plan called defined contribution plan. Each year my company decided whether a contribution to the...