OneSolution
Feb 25, 2012, 10:22 AM
Hi,
I am on h1b in usa since 6 years. I got a canada pr and am moving to canada.
I have money in my 401k, Roth 401 and also IRA.
I want to know about canada usa treaty.
1> Do I need to withdraw all money paying penalty?
2> Or can I move to canada and slowly withdraw 20k per year from ira and 401k( Hence I fall on lowest tax bracket). Also do I fall in 15% tax or 30% (Foreign investor) bracket?
3> Or there is a usa-canada treaty which can help me to transfer my funds to canada without any penalty?
Can any tax expert one please throw some light on this issue. And what's the best solution?
Thanks
I am on h1b in usa since 6 years. I got a canada pr and am moving to canada.
I have money in my 401k, Roth 401 and also IRA.
I want to know about canada usa treaty.
1> Do I need to withdraw all money paying penalty?
2> Or can I move to canada and slowly withdraw 20k per year from ira and 401k( Hence I fall on lowest tax bracket). Also do I fall in 15% tax or 30% (Foreign investor) bracket?
3> Or there is a usa-canada treaty which can help me to transfer my funds to canada without any penalty?
Can any tax expert one please throw some light on this issue. And what's the best solution?
Thanks