Any FSW applicants from USA who already got PPR?

[tomneversfield]

It's been suggested in one of the posts that the processing times of outland FSW applicants depend on the queue of the visa office the application gets routed to. If that's true, then it's bad news for US applicants! Per CIC website, the average processing times of PR applications in USA (in the old system) was the longest worldwide (45 months for Los Angeles!)

If there are any EE FSW applicants residing who applied from the US, and who already got their PPR, please share your timeline.

Please also indicate if you had a job offer or if you had received a provincial nomination.

Thanks,

 

[kateg]

I've posted my timeline elsewhere, but we're from the US. ITA Mar 27th, AOR May 1, PPR a couple weeks ago. We landed something like a week ago.

 

[patreya]

I've posted my timeline elsewhere, but we're from the US. ITA Mar 27th, AOR May 1, PPR a couple weeks ago. We landed something like a week ago.

Hi Kateg,
1. Do you know what is the process of transferring 401(k) to the Canadian equivalent?
2. Also, have you tried somehow to transfer the credit score from USA to Canada?

Just wondering if there are any benefits we can take along from our life in US to Canada, and not have to start all over again. We got PPR as well, and we are planning to land there in few months.

Prakash

 

[kateg]

Hi Kateg,
1. Do you know what is the process of transferring 401(k) to the Canadian equivalent?

That's... a pain in the rear.

Basically, as long as you are a US citizen, you're considered US property. You're going to have to deal with some nasty tax forms, lots and lots of paperwork.

Don't even dream of touching a mutual fund outside the US except in a RRSP. Trust me, you'll regret it if you do. Low fee index funds? Prepare to pay more in taxes, and to have your retirement savings looted if you use a TFSA.

It's possible to transfer your 401k, but you need the income to do it if you don't want to pay a lot of money. Basically, what you do is an early withdrawal (which gets you a penalty), then take the tax credit in Canada for the penalty. Since your Canadian taxes are likely higher if you are asking this question, you can basically offset the losses. See here for details:

http://www.advisor.ca/tax/tax-news/good-news-for-clients-with-401k-77397

2. Also, have you tried somehow to transfer the credit score from USA to Canada?

You can't. What you can do, however, is have a good relationship with American Express in the states. If you do, they have ways to waive the Canadian credit requirements. That's what we did.

CIBC is very credit-friendly, and RBC is friendly to newcomers (they offer a new to Canada mortgage). ScotiaBank has a similar program. We opened a couple of easy credit cards a year or so ago ($500 limits, plus a couple secured cards). A year later, we have $15,000 limit cards with CIBC. We were slowed because we were on work and study permits; with PR, it's easier.

If you have an income on the higher side, I can make some suggestions, otherwise it's not really needed.

Just wondering if there are any benefits we can take along from our life in US to Canada, and not have to start all over again. We got PPR as well, and we are planning to land there in few months.

The main advantage is that there isn't really much of a culture shock. Some things are easier, like recognition of education for regulated industries, and you generally don't stand out. You can apply for jobs and they won't know about the past.

Another advantage is the ability to get the Nexus card. If you will be living near the border, I'd recommend applying as soon as possible. Some products aren't available in Canada, so being able to easily pop over the border makes things much less of a hassle.