Quote:
Originally posted by iLusion
Yes, we told them we were coming on work permit. There is no duty on this, however we were playing kinda defensive and wanted to pay the duty so that the car doesn't have any restrictions.
Why do you want to pay the duty then if it is not required? What restrictions are you talking about?
Posts: 2873
Location: Western Hemisphere
Posted on: 05-08-09 15:51:41
Location: Western Hemisphere
Posted on: 05-08-09 15:51:41
Quote:
Originally posted by iLusion
Do not collapse out the 401K there, but slowly dissolve them, by a year at a time.>>
Yeah, we checked with our existing employer, since emp.y remains same, it seems we cannot dissolve it as of now. Do you know any options in this case?
Careful cashing out 401k. You'll end up paying 20% tax right off plus 10% (I think) penalty.
Options - you can simply leave it as is and, although, money is not added to the account, the account might grow based on interest, dividends and capital gains.
If and when you return to US, you can resume 401k contributions. If you move to another US employer, you can leave current account as is or roll over to the 401k plan of the new employer or open a rollover IRA and park the amount there.
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Dimple2001
Quote:
Originally posted by cdn_dude
Why do you want to pay the duty then if it is not required? What restrictions are you talking about?
Restrictions as not able to sell of the car if needed. When we talked to customs they said u hv to take back everything that u get here. That may not be possible (for car atleast) depending on where/ which country we go next.
Quote:
Originally posted by dimple2001
Careful cashing out 401k. You'll end up paying 20% tax right off plus 10% (I think) penalty.
Options - you can simply leave it as is and, although, money is not added to the account, the account might grow based on interest, dividends and capital gains.
If and when you return to US, you can resume 401k contributions. If you move to another US employer, you can leave current account as is or roll over to the 401k plan of the new employer or open a rollover IRA and park the amount there.
Thanks Dimple. So I guess we wld leave those funds as is then.
On those lines, would you guys know of any good cpa/tax consultant/ financial planner that you could recommend in the toronto area?
