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Asked 3/2/2007
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Can I move 401k investment from the US to Canada? I used to live in the US but moved back to Canada in the last year. What to do with my former US employer pension plan? |
Answer 1/1 - Submitted 3/2/2007
Hello,
A lot of it depends on the specifics of your 401K plan.
If the plan consists entirely of employer contributions then there is no tax deferral provision in the Income Tax Act. If it consists of employee contributions then there is.
However, regardless of who made the contributions there will be a 15% withholding tax on transferring to Canada, and again depending on the plan a 10% non-refundable penalty tax. So you might lose 25% of the assets right off the top.
I suggest you find a good cross border investment specialist and speak to them about this, as it is a complicated situation.
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