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March 3, 2009

Can I rollover my Canadian retirement account into my US retirement account?

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Can I rollover my Canadian retirement account into my US retirement account?

Can I rollover my Canadian retirement account into my US retirement account?

No. Plans from foreign countries cannot be rolled over to US retirement plans. The US Tax code does not allow assets to be rolled over into a US retirement plan; unless the assets are rollover-eligible assets from an eligible retirement plan. For this purpose, eligible retirement plans are defined as :

(a) Qualified plans, which can be categorized as either a defined-benefit plan or a defined-contribution plan. Defined-contribution plans include money-purchase pensionprofit-sharing401(k), and stock bonus plans

(b) Annuity plans described under 403(a)

(c) Tax-Sheltered Annuity or Custodial Account Under IRC Section 403(b)

(d) Governmental457(b) Plans maintained by an eligible employer

(e) Traditional individual retirement accounts (IRAs) described under IRC Section 408(a)

(f) An individual retirement annuity (IRA) described under IRC Section 408(b).

Written By

Denise Appleby

Denise is CEO of Appleby Retirement Consulting Inc., a firm that provides IRA resources for financial/ tax/legal professionals. She has over 20 years of experience in the retirement plans field, which includes training and technical consultation.

Denise writes and publishes educational /marketing tools for advisors; available at http://irapublications.com. Denise co-authored several books on IRAs

Denise is a graduate of The John Marshall Law School, where she obtained a Masters of Jurisprudence in Employee Benefits, and has earned 5 professional retirement designations.
She has appeared on numerous media programs, sharing her insights on retirement tax laws.

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