cash out 401k or roll into RRSP?

[vpkasbek]

Hey guys,

I still have a long way to go with my pr application, but planning for this scenario ahead of time. So, currently I work in US on H1B and have been contributing to 401k plan through my employer. My initial thought was to cash out 401k for lump sum amount, however after doing some research, this doesnt seem to be a viable option considering major loss of amount in that transaction (penalty, tax liability and such). Any of you have been through this situation and if you could suggest what is the best course of action to maximize gain from 401k plan? I would hate to lose a substantial sum of hard earned dollars, but at the same time, don't want to leave the money behind in US.

 

[vpkasbek]

Is there noone who's been in this situation and done that?

 

[steaky]

Is there noone who's been in this situation and done that?

You really should just search the forum by entering "401k".

http://www.canadavisa.com/canada-immigration-discussion-board/-t477120.0.html

 

[vpkasbek]

You really should just search the forum by entering "401k".

http://www.canadavisa.com/canada-immigration-discussion-board/-t477120.0.html

Thanks for suggesting, but there isn't a forum topic with insightful information. The link you provided pertains 401k matter, however its unrelated to my question posed on this topic.

 

[steaky]

Thanks for suggesting, but there isn't a forum topic with insightful information. The link you provided pertains 401k matter, however its unrelated to my question posed on this topic.

The link I posted is not unrelated to your question posted in this topic which is 401k.

 

[vpkasbek]

The link I posted is not unrelated to your question posted in this topic which is 401k.

OK. THANKS