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Mr. Ingram,
I am trying to relocate an executive from Vancouver to California. He asked if I could find out what was involved in converting an Canadian - RSP to a US - 401k. Is it pretty straight forward? Any help would be appreciated.
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david ingram replies
He cannot convert an RRSP to a 401(K) and there is no particular advantage to doing so.
However, I am asking the readers of this newsletter if they know of anyone who has done so. It should be moveable under the treaty but the companies do not want to participate.
We have thousands of Americans trying to put money into Canada to diversify.
He will start off diversified.
What he will have to do is report the internal earnings to the IRS each year that he has it because it is treated as a foreign trust.
go to www.centa.com - click on [newsletters] click on [2003] click on [August] to get the rules for reporting RRSP accounts to the IRS.
Since most Canadians who go to the US have an RRSP that they leave behind, it would be a good idea for you to send a copy to all the people you have recruited in the last four or five years. Good will for your company.
david ingram
David Ingram's US/Canada Services
US/Canada/Mexico Tax Immigration & working Visa Specialists
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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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