Planning to transfer your IRA or 401K Plan to Canada?

On occasion I have been approached by Canadian clients for advise on the transfer of IRA or 401K plans to Canada.  It can be a daunting process if you are not familiar with it.  But, if you have worked in the US for some time and are returning to Canada, you may be planning to transfer your IRA or 401K plan.

Under the right conditions, this can simplify retirement planning and reduce or eliminate the need for duplicate tax reporting.

Depending on age, the rules for the US plan and certain other criteria, a Canadian 
resident taxpayer is able to transfer lump sum superannuation or pension benefits 
such as a 401(k) plan or a foreign pension plan such as an IRA under 
subparagraphs 60(j)(i) and 60(j)(ii) of the Canadian Income Tax Act and defer
Canadian taxation on these amounts.

If you would like more information or assistance with this, please visit our website or use this link to view the full article. http://www.liwanpo.com/taxes_personal.php




 

Welcome to my Blog

Hello!  This is the beginning of my Blog.  I have created this Blog in order to bring the most relevant Tax information to my clients and friends in the most convenient place I could find, a Blog.  My intention is to post new Canada Revenue Agency or other tax related news, along with my comments about what relevance it has in simple terms.