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Canada Immigration Forum > Immigration Topics > Provincial Nomination Program Immigration > Topic: Keep/Withdraw 401K when moving to Canada.
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Author Topic: Keep/Withdraw 401K when moving to Canada.  (Read 886 times)
Ell.Bee
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« on: February 21, 2011, 07:04:02 pm »
Hi,

Any thoughts on this. Can someone advice on what would be better.

Thanks,
L.B
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King80
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« Reply #1 on: March 23, 2011, 02:48:02 pm »
Quote from: Ell.Bee on February 21, 2011, 07:04:02 pm
Hi,

Any thoughts on this. Can someone advice on what would be better.

Thanks,
L.B

Hi ,

i donot have a answer for you, but have the same question. I am starting my research and will let you know if i get to know something.
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the
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« Reply #2 on: March 23, 2011, 03:23:08 pm »
Thanks Ell.Bee for starting this topic.  Also would like to know what are the options if we keep or withdraw.
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chigirl
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« Reply #3 on: March 23, 2011, 05:13:54 pm »
Quote from: Ell.Bee on February 21, 2011, 07:04:02 pm
Hi,

Any thoughts on this. Can someone advice on what would be better.

Thanks,
L.B

Unless you want to loose about 30% on taxes. The markets have not done really well since 2008, except since last year since it started picking up. The choice is really yours, on whether you have recovered enough to withdraw , or withdraw anyways, loose some and cut loose once and for all.

If you want to withdraw, timing is important. Study the market before you do.
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newlifecalgary
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« Reply #4 on: March 23, 2011, 10:38:49 pm »
Quote from: chigirl on March 23, 2011, 05:13:54 pm
Unless you want to loose about 30% on taxes. The markets have not done really well since 2008, except since last year since it started picking up. The choice is really yours, on whether you have recovered enough to withdraw , or withdraw anyways, loose some and cut loose once and for all.

If you want to withdraw, timing is important. Study the market before you do.

No offense meant chigirl, but clothes are LOOSE and you LOSE your money.
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procan
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« Reply #5 on: March 23, 2011, 11:16:54 pm »
As Chigirl mentioned, "timing " is important. and also, to avoid the 30% on taxes, what you got to do is wait for one calender year, when you can show IRS that you didnt had any income from US, then you can withdraw from 401K. In that way, you can claim the taxes back, bcos you will be less the income scale for taxing. (unless you have very huge amount in 401K  Grin ). this will work out if you dont have any urgency in withdrawing your funds.

just my thoughts...


Quote from: chigirl on March 23, 2011, 05:13:54 pm
Unless you want to loose about 30% on taxes. The markets have not done really well since 2008, except since last year since it started picking up. The choice is really yours, on whether you have recovered enough to withdraw , or withdraw anyways, loose some and cut loose once and for all.

If you want to withdraw, timing is important. Study the market before you do.
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