This episode provide a detailed overview of the complexities surrounding retirement savings plans for individuals moving between the United States and Canada, primarily focusing on the U.S. 401(k) and the Canadian Registered Retirement Savings Plan (RRSP). The documents explain the tax implications and residency requirements for foreign nationals working in the U.S. who contribute to a 401(k), including the withholding taxes and penalties associated with early withdrawals, particularly for resident versus nonresident aliens. Furthermore, the texts explore cross-border planning strategies, discussing whether to keep a U.S. plan or transfer it to a Canadian RRSP/RRIF, noting that such transfers are complex, have specific Canadian tax rules, and often require professional advice to avoid double taxation or penalties. Finally, there is guidance for new Canadian immigrants regarding RRSP contribution room—which is initially zero—and recommending a Tax-Free Savings Account (TFSA) as an immediate alternative before RRSP room accumulates.