Foreign Pension Plan from Canada Cannot be Transferred to a Solo 401k Plan or IRA LLC

BACKGROUND & QUESTION:

I want to start investing in real estate, so I want to open a self-directed solo 401k plan for my self-employed real estate agent business.  In addition to making annual contributions to the solo 401k plan, I would also like to transfer my Canadian Registered Retirement Savings Plan (RRSP) to the solo 401k plan. Can I do this under your solo 401k plan?

 

ANSWER:

Good question. Unfortunately the 401k rules do not allow for incoming transfers from foreign pension plans.  Therefore, because a solo 401k plan is a 401k but for the self-employed, foreign pension plans such as RRSP, UK Pension,  and Australian SUPER may not be transferred to a solo 401k plan. Also, the IRS regulations do not allow for the transfer of foreign pension plans to IRAs.

About Mark Nolan

Each day I speak with energetic entrepreneurs looking to take the plunge into a new venture and small business owners eager to take control of their retirement savings. I am passionate about helping others find their financial independence. Having worked for over 20 years with some of the top retirement account custodian and insurance companies I have a deep and extensive knowledge of the complexities of self-directed 401ks and IRAs as well as retirement plan regulations. Learn more about Mark Nolan and My Solo 401k Financial >>

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