We are moving back to Canada and i am trying to roll my compnay 401K into IRA then to Roth IRA.
Merrill Lynch have told me because i am not a Green Card holder they cannot help me, something to do with FDC rules.
We are with drawing our GC application.
I spoke to Edward Jones and they said no problem, they can do it, i have a SSN and drivers license but in a few months our house will be sold so will have no ties to USA.
I am very leary of this, they want your money now but when it comes to retirement for me in 15 years am i going to have a problem getting the funds out.
Any ideas/thoughts on this. Shall i just cash out the money now, pay the taxes and put the funds into RRSP when we get back.
thanks.
401k Moving back to Canada
Moderator: Mark T Serbinski CA CPA
before Cdns had clear rules on Roths, I might suggest taking out and paying tax. But now, with Roth, you can roll there and not pay 10% penalty.
You will not have problems 15 years from now to get the money. What you may have problems with is in six months when a firm says they can't keep your money.
You need to find a broker that currently has Cdn clients.
What about your firms 401(K). Dont they have a Roth plan?
I'm not in favour of putting the funds in an RRSP: you already paid tax on this income, put it in your house, TFSA or something else that won't be taxed.
You will not have problems 15 years from now to get the money. What you may have problems with is in six months when a firm says they can't keep your money.
You need to find a broker that currently has Cdn clients.
What about your firms 401(K). Dont they have a Roth plan?
I'm not in favour of putting the funds in an RRSP: you already paid tax on this income, put it in your house, TFSA or something else that won't be taxed.
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