hi everyone,
does anyone have any information on moving a 401k and IRA to Canada. (upon retirement after the age of 591/2)
background information:
husband is Canadian, I am Canadian, (BORN IN UK, moved to canada when I was 23) we both became US citizens 12 years ago.
We feel that once he is retired at 591/2 years old which will be in 9 years, we would love to go back to canada or the uk to be with family, I no longer work, I am a stay at home wife.
he works full time, hopefully will retire in 9-10 years.
he has a 401k $750,000, i HAVE IRA $500,000, also we have each have roth ira with about $70,00 each.
we have mutual funds worth about $250,000.
so we have quite a decent amount of money all with fielditly.
How do we transfer these funds if we move out of the US???????
would we have to pay double tax ???
I know we have to file us income tax even if we do not live in the US, since we are still citizens, would it be easier to renounce our citizenship????
if we did renounce citizenship would we still have to file a return to us , or just pay taxs to the country of residence?? but then how would the US get the tax that was deferred in the 401k ???????
its all so confusing, I am sure people do this all the time, people work in the us for many years then move back to their home country.
I have tried researching ,not really coming up with any answers.
I called Fieldilty yesterday, they said they could transfer funds any where in the world, they could not really help with regards to my question about double taxation in the country of residence.
This will not be taking place for another 10 years and I am sure rules/tax treaty's will change but I just want a basic guide if possible.
I think when the times comes we will have to find a US/CANADIAN or US/UK tax adviser for the details which I am sure will be many!!
any information would be great, or links to any sites
many thanks
,
