How to transfer "Rollover IRA" to Canada part of m

gmoore77 · Post by **gmoore77** » Fri Mar 11, 2011 12:32 pm

Need advice about how to best transfer my spouses Rollover IRA to and RRSP in Canada to and what if any conditions apply.

nelsona · Post by **nelsona** » Fri Mar 11, 2011 12:58 pm

Leave it in US.

You will be taxed on the removal from IRA, and it will be difficult to get that money back in Cdn taxes.

Any 10% early penalty will be lost.

Keep in US, and find a US broker that will keep it for you.

ExpatAmerican · Post by **ExpatAmerican** » Mon Mar 14, 2011 12:50 pm

I would agree with Nelsona that leaving it in the US would be better than moving it to Canada and incurring a 10% penalty (assuming you are under 59.5). Of course the other problem is that many US qualified-plan administrators are ridding themselves of Canadian resident accounts, as most of them are not licensed in the various provinces as would typically be necessary. If this is an issue for you, Darrell Thompson at Macquarie Private Wealth Corp. has the necessary registrations to deal with such orphaned accounts. He can emailed at darrell.thompson@macquarie.com.