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| Subject: Money Requirement - Does My 401K Count? |
I was curious if anyone knows if the money requirement can be satisfied with a 401K retirement account here in the States? Also, how strict are they on the medical exam? I have high blood pressure sometimes. Thanks. Kyle
[27-12-2007,02:11]
[**.126.70.56]
Kyle520 |
(in reply to: Money Requirement - Does My 401K Count?)
re the 401 - is it liquid? if not... then it is not usable.
[27-12-2007,14:44]
[***.121.220.199]
Sharon |
(in reply to: Money Requirement - Does My 401K Count?)
No. It is not liquid. I could pull it out with penalty (income taxes + 10% early withdrawal penalty) if I actually needed the cash.
[27-12-2007,21:54]
[**.126.70.56]
Kyle520 |
(in reply to: Money Requirement - Does My 401K Count?)
that is the $64,000 issue. You need cash to get yourself established in Canada - a paycheque does not arrive the first day or the first 14 days... so the idea of not needing cash is totally unrealistic.
So, where is that money going to come from. Canada has set a minimum for these purposes. Locked away in an investment that you can´t or won´t touch does not make CIC feel too comfortable. They don´t want to face you asking for welfare 30 days after you arrive. Therefore the words liquid and unencumbered are attached to the rules.
If you can say yes to both criteria with the 401 - then it is good to go. If not, you need another option
[27-12-2007,22:37]
[***.121.220.199]
Sharon |
