You Asked Us - Rollovers and Transfers

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

A: 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, an eligible retirement plan is defined as

(a) qualified plans, which can be categorized as either a defined-benefit plan or defined-contribution plan. Defined-contribution plans include money-purchase pension, profit-sharing, 401(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) Governmental 457(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).

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