Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
My US employer and I each paid 15k into social security taxes, 3.5k into Medicare taxes.
Also, I have 33k in my 401k plan.
Qs:
1. Does social security benefits mean anything to me when I'm a Canadian citizen, assuming I won't go to work/live in the US anymore?
2. Should I keep my 401k money in the US and only withdraw reaching the age without penalty? Or, is it preferred for me to bring it to Canada and how?
Also, I have 33k in my 401k plan.
Qs:
1. Does social security benefits mean anything to me when I'm a Canadian citizen, assuming I won't go to work/live in the US anymore?
2. Should I keep my 401k money in the US and only withdraw reaching the age without penalty? Or, is it preferred for me to bring it to Canada and how?
Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
Thanks. I thought I could roll the 401k to RRSP somehow.
If not, there's not much can be done until I turn 59 1/2 years old.
Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
Very informative. Thank you!
I think I'll leave it as is as the amount is not big, but then I need to find out how to report to CRA my tax deferral election when there's not a form of it.
Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
Under retirement accounts #6 here http://www.finiki.org/wiki/Cross-border ... ate_issues says 401k tax deferral election is not reportable to CRA, wondering which is correct.
Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
Article 13 of the 5th protocol to the Can-US Convention speaks to only Roth IRAs in Paragraph 7 of Article 13. Serbinski https://serbinski.com/treaty-changes-fi ... highlights does not mention either Roth IRAs or 401(k)s.
This subject has no doubt come up on the Serbinski tax forum. Suggest you do a Search through relevant threads there to see what folks are saying. The authors of our Finiki would normally have done a lot of research to 'get it right' before landing on a final form but it is not infallible either.
This subject has no doubt come up on the Serbinski tax forum. Suggest you do a Search through relevant threads there to see what folks are saying. The authors of our Finiki would normally have done a lot of research to 'get it right' before landing on a final form but it is not infallible either.
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Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
The current rule is that you do not have to report holding a 401(k) or traditional IRA to the Canada Revenue Agency.
Per the finiki entry, you'll get something out of Social Security if you worked and paid FICA for at least six (but less than 40) quarters in the US. I'm about five years away from being in a position to collect what I expect will be a pittance (33 quarters credited for me) via totalization.
Per the finiki entry, you'll get something out of Social Security if you worked and paid FICA for at least six (but less than 40) quarters in the US. I'm about five years away from being in a position to collect what I expect will be a pittance (33 quarters credited for me) via totalization.
Nothing can protect people who want to buy the Brooklyn Bridge.
Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
Pittance is in the eye of the beholder!Norbert Schlenker wrote: ↑15 Apr 2017 14:15 I'm about five years away from being in a position to collect what I expect will be a pittance (33 quarters credited for me) via totalization.
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“It doesn't matter how beautiful your theory is, it doesn't matter how smart you are. If it doesn't agree with experiment, it's wrong.” [Richard P. Feynman, Nobel prize winner]
Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
I have only 20 quarters. Have yet to update the address with social security. It doesn't let me sign up an online account as I don't have a US mailing address.Norbert Schlenker wrote: ↑15 Apr 2017 14:15 The current rule is that you do not have to report holding a 401(k) or traditional IRA to the Canada Revenue Agency.
Per the finiki entry, you'll get something out of Social Security if you worked and paid FICA for at least six (but less than 40) quarters in the US. I'm about five years away from being in a position to collect what I expect will be a pittance (33 quarters credited for me) via totalization.
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Re: Worked in US for a few years and now returned to Canada, what to do with the 401k and Social security?
Yeah, go ahead an rub it in to people like me with only 30 quarters.adrian2 wrote: ↑15 Apr 2017 14:42Pittance is in the eye of the beholder!Norbert Schlenker wrote: ↑15 Apr 2017 14:15 I'm about five years away from being in a position to collect what I expect will be a pittance (33 quarters credited for me) via totalization.
At least we'll avoid the WEP, or so I'm told.