Hi,
This forum has been immensely helpful to us. We got our COPR recently and will be doing a soft landing soon and I had a few questions before we did this to prepare for the landing process. We will be permanently moving later this year after we get our PR cards, so these questions are mainly pertaining to soft landing.
1) We are planning on moving our 401k & IRA accounts to TD Ameritrade or BMO Harris and plan on leaving these accounts here in USA till we retire. We want to avoid taxes and penalties that would apply if we liquidate and move this money to Canada as this stage (I understand there may be taxes at the time we retire, but atleast we can avoid the penalty). Has anyone done this? How did you go about this process? Did you do this before or after landing? Are there any benefits of doing this before landing?
2) We own a home here in USA and will be selling it before we move permanently but after landing. Has anyone done this before? Would we be taxed on the capital gains from selling our home, even though we would only have soft-landed so to say when we sell the home?
3) Goods to follow list. How much detail to include in this list? For example, if I have 5 winter jackets. Should I have 5 different line items stating colors and brand names if any. Or for example, could I say Utensils and put a $ value or do I have to list every pot and pan separately.
Thanks!
This forum has been immensely helpful to us. We got our COPR recently and will be doing a soft landing soon and I had a few questions before we did this to prepare for the landing process. We will be permanently moving later this year after we get our PR cards, so these questions are mainly pertaining to soft landing.
1) We are planning on moving our 401k & IRA accounts to TD Ameritrade or BMO Harris and plan on leaving these accounts here in USA till we retire. We want to avoid taxes and penalties that would apply if we liquidate and move this money to Canada as this stage (I understand there may be taxes at the time we retire, but atleast we can avoid the penalty). Has anyone done this? How did you go about this process? Did you do this before or after landing? Are there any benefits of doing this before landing?
2) We own a home here in USA and will be selling it before we move permanently but after landing. Has anyone done this before? Would we be taxed on the capital gains from selling our home, even though we would only have soft-landed so to say when we sell the home?
3) Goods to follow list. How much detail to include in this list? For example, if I have 5 winter jackets. Should I have 5 different line items stating colors and brand names if any. Or for example, could I say Utensils and put a $ value or do I have to list every pot and pan separately.
Thanks!
