tax free savings

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nelsona
Posts: 18679
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Pension monies always eirther stay in a pension or go to a locked-in pension, since the funds are not available to you until you meet the rules of the origianl pension (ie,. 55 yrs old, 65, etc according to the pension rules).
So, if you have achoice, it is likely best to take the funds as a LIRA.

Either way, when the funds come out they will be 100% taxable in both US and canada, but the lira gives the opportunity to manage the funds and may allow you (if non-resident) to get the funds out earlier than if you leave it as a pension.
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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