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QUESTION:
Hi,
Thank you for taking the time to answer my question. I'm a canadian citizen
married to a U.S. citizen, and we are both working in California and paying
tax to the U.S. only. I am planning to put money into my company's 401k
plan and would like to know what the tax implications are, if any, when I
take the money out and decide to spend my retirement in Canada. I am also
wondering if there is any additional tax or penality that I should be aware
of if I take the money out before retirement and bring the money into
Canada.
Thank you again for your help. You website really has some great and
helpful resources for people like me.
LXXXXXXXXXX
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david ingram replies:
The 401(K) plan is fine. If you were to cash it or any part of it before your age 59 1/2, there would be a 10% penalty.
Otherwise, it just like an RRSP. when you cash it in, you pay tax.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Calls accepted from 10 AM to 10 PM 7 days a week
Res (604) 980-3578 Cell (604) 657-8451
Bus (604) 980-0321
[email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader & the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent financial, or real estate planner or advisor & appropriately qualified legal practitioner, tax or immigration specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
This from "ask an income tax and immigration and bankruptcy expert" from www.centa.com or www.jurock.com or www.featureweb.com. Canadian David Ingram deals daily with tax returns dealing with expatriate:
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David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
(604) 980-0321 - Fax 913-9123 [email protected]
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