Pension lump sum transfer

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PJ
Posts: 1
Joined: Tue Jan 21, 2014 11:06 pm

Pension lump sum transfer

Post by PJ »

I am a dual citizen residing in the US. I recently received a limited time opportunity to transfer the value of my Canadian pension to a retirement savings vehicle as a single locked-in lump sum amount. Can I transfer to an IRA in the US or to my US employer 401k plan?
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nelsona
Posts: 18688
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

No. there is no provision to do this. Just to add: this is not a taxable transfer in either Cnada or US. The locked-in account withdrawls will be fully taxable when you withdraw the funds, with Cdn tax eligible for credit in US.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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