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I have worked in the U.S on the temporary worker H1-B visa category for the
last 5 years. During this time I have contributed to my 401K, but now I am
about to become a permanent resident of Canada after sponsorship through my
wife who is a Canadian citizen. We have a one year old son who was born in
the U.S and is a U.S citizen.
I have three questions:
1) Is there any risk with leaving my 401K contributions in the U.S, rolled
over into an IRA ?
2) Is it possible to avoid the 10% penalty for early withdrawal (before age
65), on the basis that I will need it desperately for my downpayment as a
first time home buyer ? (The house to be purchased, however, will be in
Canada).
3) Can I request my Social Security contributions over my working years in
U.S to be entered into the CPP payments and what do I have to do in order to
accomplish this ?
Thanks
-BXXXXXXXXXX
_________________________________________________________________
david ingram replies:
1. No risk - most financial advisors advise you to have foreign content. A US IRA should be every bit as safe as any Canadian RRSP.
2. You can take out up to $10,000 to buy a house. There is no requirement to have the house in the USA.
3. Not at this time. When retirement time comes, you can use some of your CPP to make up your Social Security shortfall. that does not happen until actual retirement under the US / Canada Social Security Totalization Agreement.
You will do this when you hit an age old enough to collect and the rules will likely have changed by then,
When you move to Canada, you should send us that first year return.
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