What to do with 401K???

[Eggman]

Hello,

Does anyone have any experience transferring their 401k plan to Canada? Should I just leave it, or should I cash it out? Any info would be much appreciated!

 

[CDNPR2014]

it is doubtful you will be able to transfer it to a canadian account, unless the company you have the fund with also has canadian funds.

you can certainly have an active 401k while being a resident in canada and you can continue to contribute to it without issue, so if it's making you money then why not just leave it as is? if you decide to pull it, you will want to make sure there aren't any penalties to do so.

 

[APPNOV2014NY]

Hello,

Does anyone have any experience transferring their 401k plan to Canada? Should I just leave it, or should I cash it out? Any info would be much appreciated!

Leave it or cash out out would be your call but you can convert 401k -> IRA -> RRSP. You will lose some money during this transaction. 401k to RRSP is widely discussed topic ( outside this forum) and simple google search will give you excellent insights. Please team up with gprasad.n. He is currently working on moving 401k funds to Canada. Also check with deadbird. He might be in same boat as you are.

 

[Eggman]

Thanks for the tips, I'll definitely reach out to them. I guess my concern with just leaving it in the US is having to pay taxes in both the US and Canada once I stat withdrawing money.

 

[gprasad.n]

Thanks for the tips, I'll definitely reach out to them. I guess my concern with just leaving it in the US is having to pay taxes in both the US and Canada once I stat withdrawing money.

I have very little info about based on my research. Please let me know your findings. Will be happy to team up.

 

[gprasad.n]

Leave it or cash out out would be your call but you can convert 401k -> IRA -> RRSP. You will lose some money during this transaction. 401k to RRSP is widely discussed topic ( outside this forum) and simple google search will give you excellent insights. Please team up with gprasad.n. He is currently working on moving 401k funds to Canada. Also check with deadbird. He might be in same boat as you are.

Thank You +1 for you