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Pension and Money Matters

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I'd like any help or resources anyone can give me regarding monies in Canada. I have a sizable government pension in Canada, that I'm not going to access for another 7-10 years I'm thinking. I know...it's a long time away yet, but I would like to know more about investments and money management so that I'm not shocked or baffled when it comes time to access such things.

At first I thought that when I retired, and am now living in the US, that I could just transfer from one locked-in account to something locked in down here. Thinking about international money matters, I called Edward Jones. They didn't really have any good information...just saying that they didn't think I could do this. One guy suggested that I take the hit (20%)??? and bring my money to the US. Given that EI paid me monies less 20% as well as I was living in the US, maybe that is a reality, I really don't know.

Given that information, that would have a huge impact on my retirement fund!

Does anyone have a financial person or firm in the US that's able to handle or deal with Canadian investments? I thought I remembered Krikit mentioning someone, but that was some time ago, and I can't remember if this is so....

Are there other Canadians that are in the same boat and know something that I don't? Again, this isn't something I need to access right now, but I do want to start having information now, so that I can plan ahead and accordingly.

Perhaps I need to consult not only with a financial advisor, but a tax accountant that will let me know about shelters and such? I'm not looking at trying to get my money without paying taxes...I'm trying to avoid paying them twice!


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carla - i have had david ingram and his website recommended to me a number of times by canadians living and working (legally) in the chicago area. he is based in vancouver but deals with cross border issues all the time.



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Funny you should ask, Carla. I just met with my financial advisor here in Canada this morning. lol

I use Don Flack at Halton Financial Group. He is awesome, and so is his staff. One of the reasons I chose him (besides the glowing recommendations from friends and business associates) is the fact that he has quite a number of Canadian clients who live in the US (and vice versa) so he is registered in both countries and knows their laws inside out. He absolutely whizzed through years of complicated stuff with me this morning. He's amazing.

Locked-in retirement accounts cannot be transferred to the US..... they have to stay in Canada. But you have to declare the amount in your US taxes on Form 8891 - US Information Return for Beneficiaries of Certain Canadian Registered Retirement Plans. It won't affect your tax return.... the US Government just wants to know about it. Apparently you can get into big trouble if they don't. Anyway, Don just filled out and printed off the forms I needed and I will give them to our US accountant to file as an addendum to our taxes.

If you call Don, let him know I sent you. :)


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When it comes to RRSP's some States handle them differently from others!! Form 8891 notifies Uncle Sam (IRS) that u have the RRSP, and uncle sam wont tax you on it (until u take them out) BUT depending on your State, your State may still tax you on that $$$

Canadians Visiting the USA while undergoing the visa process, my free advice:

1) Always tell the TRUTH. never lie to the POE officer

2) Be confident in ur replies

3) keep ur response short and to the point, don't tell ur life story!!

4) look the POE officer in the eye when speaking to them. They are looking for people lieing and have been trained to find them!

5) Pack light! No job resumes with you

6) Bring ties to Canada (letter from employer when ur expected back at work, lease, etc etc)

7) Always be polite, being rude isn't going to get ya anywhere, and could make things worse!!

8) Have a plan in case u do get denied (be polite) It wont harm ur visa application if ur denied,that is if ur polite and didn't lie! Refer to #1

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Thanks so much for the information people! I've added those links to my favourites, and as soon as I get some of this crazy paperwork done from my old employ, I'll be looking into this. Much appreciated. :thumbs:

Krikit, you say to let him know that you referred me?

Carla: Hello Don, my friend Krikit said I should call you about my Canadian financial matters!

Don: Really....hmmmm....how is Jiminy doing?



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