Pretty simple one here.
If I'm a Canadian working in the US, but I plan on going back to Canada in the future, should I still be maxing out my 401k/IRA each year?
I have not been able to find a clear answer on how big of a hit transferring an IRA to RRSP really means. It almost sounds like the best case scenario is where the US takes 15% withholding tax + 10% early withdrawal penalty, and then when I withdraw from my RRSP after retirement age, I will be taxed again per Canadian tax regulations.
Is there another (cheaper) method of transferring the money back (besides just leaving it in the US until I retire)?
Thanks.
