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QUESTION:
worked in CA for 4 yrs. returned to BC in Apr.'04. Need to transfer my retirement fund but having difficulties with bank and credit union. US specifies that I must roll it over to IRA accound (Individual retirement account. I do not want to be subject to the 20% withholding fee for IRS. What would be the best way to get the funds to me here in CAnada.
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david ingram replies:
1. move it to an IRA and leave it there in one of the world's strongest economies. Most financial advisors are trying to get "more" of their clients' money into US funds.
2. If you just have to have it in Canada, you have to cash it in in the US and pay your tax to the US. take what is left, add the amount (even if borrowed) of the tax you paid to the US and buy your Canadian RRSP. That will give you a tax deduction which should be larger than the tax you paid to the US.
When you get the refund, pay back the loan. You will have transfrred the money quite handily.
The amount you took out is also taxable on your Canadian return. Pay that tax with the tax you paid to the US as a foreign tax credit.
You will likley need help.
George Hatton at (604) 980-0321 or Fred Snyder at (604) 731-8900 who are both with Dundee Wealth management can help you with the process.
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