401k and RRSP - Don Walkow -

The original question is below.  This is unusual because I do not
usually answer a second part.  However, I think there are a lot
of people who can identify with the situation and there "ARE"
Canadian financial people you can deal with. They are really hard
to find though.
1. Do I have to report anything about my RRSPs or my wife's RRSP
to the IRS?
2. Should you be doing my US return? Should I speak with you on
the telephone?
3. Should I get rid of my Canadian credit card and bank accounts?
4. New information: Our children aged  XX and  xx have accounts
"in trust" with a Canadian brokerage. The account names are
"XXXXXXXXX   xxxxxx, in trust for YYYYYY  xxxxxx" and "XXXXXXXXX
xxxxxxxx, in trust for ZZZZ  xxxxx", where XXXXXXXXXX is my wife’
s name. It has always been this way. The money was all deposited
way back, and each account has $1000 in cash, plus some largely
international mutual funds.  My broker says there is nothing he
can do with the accounts now that we are resident in the USA
except to close them out (that is, he is unable to trade for us
within these accounts, in the way he has been doing for the RRSP
accounts). The total amount in both accounts is about 17K and 18K
CAD. If a cheque for 35,000 CAD is delivered to my wife here in
the USA, what will be the ramifications?
5. Green Card citizenship issues. What are the options/risks for
my children (male aged 16 years, female aged 17 years).
david ingram replies:
This message was rejected by the system but I was looking through
them and found it.
You can talk to at least two people that I know of who are
capable of doing anything with your account.
They are
Don Walkow at Seabank  Capital Management  in Greater Vancouver
can certainly look after your  situation.  You can see more about
the organization at:
www.seabankcapital.com  His phone number is: (604) 541-9952
 Long  Distance  at (866) 541-9952
Likewise, Darrel Thomson of Blackmont Securities in Toronto has
also gone to  the effort to be licenced throughout the US.
His number is (416) 874-8007
His website is www.blackmont.com - You might recognize Blackmont
as the old
Yorkton Securities. \r
 I  think you likely need a phone consultation for which  I
charge $400 Cdn for up to an hour plus $400 an hour after that.
It is rare that I charge for more than an hour if you are well
laid out in your questions, etc.
Call Gillian Bryan at (604) 980-0321 between 10 AM and 4 PM
Vancouver time to set up an appointment.
-----Original Message-----
From: taxman at centa.com [mailto:taxman at centa.com]
Sent: Wednesday, October 25, 2006 3:15 AM
To: com
Subject: Retirement planning with 401k and RRSP - David Ingram
gives expert income tax & immigration help to non-resident
Americans & Canadians from New York to California to Saudi Arabia
to Mexico to China or Chile - Cross border, dual citizen - out of
country in
From:            xxxxx
My_question_is: Applicable to Another Jurisdiction or
Subject:        Retirement planning with 401k and RRSP
Expert:         taxman at centa.com
Date:           Tuesday October 24, 2006
Time:           09:02 PM -0400
I am a Canadian citizen who left Canada to work in Saudi Arabia
in November  1994. My wife and family joined me in March 1995.
Our house was rented for a  few years, but was eventually sold.
Eventually I stopped submitting Canadian  income tax returns (my
accountant said it was OK...).
 I  still have a  canadian credit card (US address) and a bank
account (for disability  insurance debits and paying credit
In September 2001 I accepted a job in the USA. In December 2001
we left  Saudi Arabia. In January 2002 my family and I moved to
the USA and purchased  a house with a mortgage. Since arriving in
the USA I have been investing in  401k, 457b and 401a plans. The
value of these accounts as of yesterday was  297K USD.
I have two RRSP accounts  (total $130K CAD) and my wife has an
RRSP ($146K  CAD).
I currently have a Green Card. I am 52 years old.
1. What should I do with 401k 457b 401a and RRSPs etc if I decide
to return  to Canada before age 59 1/2?
2. What should I do if I decide to return to Canada after 59 1/2?
3. What should I decide to do if I were to decide to take a job
in the  United Kingdom?
4. What should I decide to do if I were to take a job in the
Middle East  (been there, done that, got the T-shirts, but one
neveer knows...)
5. Should I ever consider applying for US citizenship, or would
it be better  for me to remain an expatriate Canadian?
david ingram replies:
Your amounts are enough that you should be seeking some real
direction.  This answer is a generality and should not be acted
upon without further  consultation and fairly in-depth analysis.
1. Leave them intact or roll into an IRA where they can be left
until after  59 1/2 or even to age 65 and then taken out as a
2. Likely the same, although you may decide to roll some or all
into an  RRSP.  However, i would likely advise leaving some, if
not all, in the US.
The rollover is a process, not a direct transfer and involves
paying tax to  the US and claiming a foreign tax credit in
3. Same Thing
4. Have to decide whether to keep your green card or becoming a
US citizen  because you can become tax free in the middle east as
a Canadian but not as  a US citizen or green card holder.
5. I suggest going for the citizenship because of the freedom it
gives you  in terms of movement or even sponsoring an adult child
to move to the US  with an instant green card.
David Ingram's US / Canada Services
US / Canada / Mexico tax, Immigration and working Visa
US / Canada Real Estate Specialists
My Home office is at:
4466 Prospect Road
North Vancouver,  BC, CANADA, V7N 3L7
Cell (604) 657-8451 -
(604) 980-0321 Fax (604) 980-0325
Calls welcomed from 10 AM to 10 PM 7 days a week  Vancouver (LA)
time -
(please do not fax or phone outside of those hours as this is a
home office)
email to taxman at centa.com <mailto:taxman at centa.com>
www.centa.com <http://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
circumstances. No contract exists between the reader and the
author and any
and all non-contractual duties are expressly denied. All readers
obtain formal advice from a competent and appropriately qualified
practitioner or tax specialist for expert help, assistance,
preparation, or
consultation  in connection with personal or business affairs
such as at
www.centa.com <http://www.centa.com> . If you forward this
message, this
disclaimer must be included."
Be ALERT,  the world needs more "lerts"
David Ingram gives expert income tax & immigration help to
Americans & Canadians from New York to California to Saudi Arabia
to Mexico
to China or Chile - Cross border, dual citizen - out of country
are all handled with competence & authority.
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This from "ask an income tax and immigration expert" from
<http://www.centa.com/>  or www.jurock.com
<http://www.jurock.com/>  or
www.featureweb.com <http://www.featureweb.com/> . David Ingram
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