Transcription of Strategies for Canadians with U.S. retirement plans
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Strategies for Canadians with U.S. retirement plans
March 2015 Stuart L. Dollar, , , CFP, CLU, ChFC Director, Tax, Wealth & Insurance Planning Group Sun Life Financial Strategies for Canadians with retirement plans Sun Life Assurance Company of Canada, 2015. Strategies for Canadians with retirement plans Page 1 Strategies for Canadians with retirement plans Canadian citizens who have lived and worked in the United States may own Individual retirement Accounts (IRAs) and qualified retirement plans , such as 401(k) plans . When they return to Canada they may wonder what they should do with the money in these plans . Can they leave it where it is? Can they move it to a Registered retirement Savings plan (RRSP)? What are the tax implications? This article explores some of the options and issues surrounding such questions, and discusses how to transfer IRA and 401(k) plan money to an Features of IRAs and 401(k) plans IRAs are similar to individual RRSPs.
4 401(k) plans are only one type of qualified plan. There are different plans, such as 403(b) and 457(b) plans, but this article will discuss 401(k) plans. 5 . A Roth IRA is similar to a Canadian Tax-Free Savings Account (TFSA). Roth IRA contributions …
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