Cross-Border Retiree: Can I Retire with a C$300k RRSP and $700k 401(k)?
Have you lived and worked in the U.S. and Canada and are now approaching retirement? In this video, we review a situation in which a couple has lived and worked in both Canada and the U.S. for 20 years and has accumulated $300k in RRSPs and $700k in 401(k)s. We discuss:
- How much should they expect to collect in fixed-income benefits in both countries
- How much they can safely withdraw from their retirement accounts
- The tax ramifications
- Their after-tax retirement income (paycheck)
Learn more here: retiremitten.com/
Пікірлер: 3
I have a question imagine that ı have 2 rental estates in toronto and live work stay in usa and emigrant of canada.Imagine that i have 10 million in cash in usa and invest in jepi or jepq etf s to get divident income.with this mount i got 700k usd annual divident plus 540k capital gains.do i pay taxes from this income to canada or just pay taxes from my rental properties? And lastly instead of paying tax to usa ,if i just buy homes with mortgages in toronto can i deduct tax from those for irs side
@retiremittenfinancial
24 күн бұрын
Hello, there is not enough here for me to tell you about your tax consequences. Taxes are typically based on residency. However, if you are also a U.S. citizen, you will need to file taxes in the U.S. no matter if you live in Canada or the states. If you live in the states, you will have to file taxes in Canada if you have rental income in Canada and this will be included on your U.S. tax return as well.
@henrybloor7505
24 күн бұрын
@@retiremittenfinancial thank you .all of them are hypothetical. I really like your video.