IRAs and returning to Canada
Moderator: Mark T Serbinski CA CPA
I'm a Canadian living in the U.S. and I don't know whether or not I will return to Canada so I'm trying to plan my retirement savings to work well no matter whether I end up in the US or Canada. The other posts indicate that a ROTH is a bad idea in the event I do return to Canada. My other options for additional retirement savings are Traditional IRA's (deductible), a 403B and a 457. Are these three all "equally good" in terms of the tax consequences if I do return to Canada? Thanks!
Yes, all retirement type arrangements that you mentioned (non-Roth) are acceptable to Cdn Govt at this point as pensions: fully sheltered until withdrawal, and fully taxed on withdrawal.
ROth IRA, and the upcoming Roth 401(k) are NOT yet protected by treaty or Cdn regulations.
<i>nelsona non grata... and non pro</i>
ROth IRA, and the upcoming Roth 401(k) are NOT yet protected by treaty or Cdn regulations.
<i>nelsona non grata... and non pro</i>
I am a recent college graduate with a job offer in Canada. I have been contributing to my Roth for 3 years. What would you suggest I do if I accept the Canadian job offer?
1) If I close the account, would I not be taxed heavily and charged a fee for taking distributions before 59 1/2 or first home purchase?
2) Could I keep it open in Canada and contribute as a Canadian employee, and would this be a good idea?
3) If I keep a residency in the US, could I avoid these compications?
4) or If I move back to the US when I retire would the Roth still be non-taxible?
Thanks for the help.
1) If I close the account, would I not be taxed heavily and charged a fee for taking distributions before 59 1/2 or first home purchase?
2) Could I keep it open in Canada and contribute as a Canadian employee, and would this be a good idea?
3) If I keep a residency in the US, could I avoid these compications?
4) or If I move back to the US when I retire would the Roth still be non-taxible?
Thanks for the help.