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Hi,
I am a Canadian citizen on TD visa in USA. My husband is also Canadian
citizen and is on TN visa working with an IT firm in USA. We have one
daughter aged 3 years. We are making no contribution towards CPP and
RRSP. However USA applicable taxes are paid. Please advise what would be
best in our situation. How can we pay CPP and RRSP and what will be the
advantage end of the day. I am staying at home providing care giving to
my daughter as I am not allowed to work in USA.
Thanks
Axxxxxxxxxx
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david ingram replies:
Your husband is contributing to teh US FICA which is the US government's equivalent of the CPP and which the CPP is modelled after.
He has to contribute for 10 years to qualify for a pension but there is a "totalization" Social Security Agreement between the two countries that will allow you to transfer some contributoiry time from one to the other in the future.
As for the RRSP, forget it while you are living in the United States. You might consider an IRA.
BUT, and I say BUT, I have put you on a newsletter list I maintain and sometime in May, I will be sending out my opinion on what someone should do instead of an IRA or RRSP.
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