Funds Transfer to Canada including 401K

[gprasad.n]

What's the best way to transfer my existing funds in my bank to Canadian bank? Am I entitled to get taxed for the transfer, are there any limit / cap for the transfer? I would also like to xfr the funds from my 401k to Canada; Is it possible to move funds from my 401k to RRSP directly? I have always been encouraged by my friends to leave the funds in US and claim it upon retirement, but I am thinking of partial withdrawal (to meet some personal expenses) and move the rest to RRSP; (not sure if that is even possible) I know I'll have to pay penalty + tax in US for any partial withdraw, will there be any additional taxes in Canada for transferring the partially drawn funds to my Canadian bank account? Greatly appreciate your valuable input.

 

[steaky]

There are no caps to transfer regardless it is 402k or 508k or any number! Why do you have to pay penalty plus tax in US for partial withdrawal?

 

[APPNOV2014NY]

There are no caps to transfer regardless it is 402k or 508k or any number! Why do you have to pay penalty plus tax in US for partial withdrawal?

A little background on 401k:

https://en.wikipedia.org/wiki/401(k)

 

[Eggman]

Hello, I will have to deal with moving or cashing my 401k in the upcoming months as well. I see that you are working though this yourself, would you mind keeping us posed about what you figure out? Thank you!

 

[steaky]

Hello, I will have to deal with moving or cashing my 401k in the upcoming months as well. I see that you are working though this yourself, would you mind keeping us posed about what you figure out? Thank you!

He's reiterated the issue but with no reply:

http://www.canadavisa.com/canada-immigration-discussion-board/401k-withdrawl-from-usa-t477120.0.html