401K question....

布小熊

Anyone know how I can "rollover" my old 401K to IRA or RRSP? I have been searching .. and don't seem to find ANY possible way. Except cash and pay US tax and under 59.5 penality and bring it back and report it as income. My old 401k plan is being terminated.

eggo

Move your 401(k) to IRA, and then transfer the IRA to RRSP.  (401k cannot be transferred directly to RRSP). Yes you will incur penalty tax when taking $$ out of IRA, but you maybe able to recover part of it by claiming a foreign tax credit on your Canadian tax return for the tax that you paid US...

BTW why would the 401(K) be terminated?  Can you just leave it there until you retire?

布小熊

I think the company "folded". I don't know just got the termination email a month ago.. and it was left in the pile of mail... And I only have a few days to act now...
I called they won't let me open and IRA account cos I am Canadian.