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On this same subject, my husband has been working & living full-time in the USA for the past 3 years. We are both Canadian citizens & both now live in the USA & have no property or investments back in Canada. We plan on moving back to Canada when he retires in approximately 20 years. His employer will match 401K contributions to a maximum amount. Should my husband build this up or ???
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david ingram replies:
Completely different situation. You and your husband are receiving US tax deferrals on teh contributions.
You do NOT need to worry about Canada not allowing the contirbution. Go for it.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - There is a provincial long distance line as well and old shows are archived at the site.
Thank you in advance for your advice.
Mary
----- Original Message -----
From: [email protected]
To: CENTAPEDE
Sent: Tuesday, May 04, 2004 2:47 PM
Subject: 401(K) pension contributions while living in Canada andworking in the USA. ask an international income tax and real estate expert - David Ingram's CENTA Services Group in West Vancouver BC Canadaask an international income tax and real estate expert - D
QUESTION
:
Hi - I'm trying to decide if I should contribute any more to my pensions with my US employer. I reside in Canada and work in the US for the US company. I'm required to contribute a certain amount but am given the opportunity to contribute more. I'm not sure what to do. Do you have any advice?
I plan to keep residence in Canada - I don't plan to move to the U.S.
Thanks,
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David Ingram replies:
The answer is an absolute NO! Your contributions to your US pension are NOT deductible on your Canadian Return. Your ultimate tax bill is to Canada.
Therefore any money you put into a US pension free of US tax is taxed in Canada and that makes NO sense financially.
You should try and get your employer to make a matched contribution to you for a Canadian RRSP.
They can do that (and get the tax deduction for the company) by increasing your wages by the amount that they would contribute to the 401(K) plan.
Answers to this and other similar questions can be obtained free on Air every Sunday morning.
Every Sunday at 9:00 AM on 600AM in Vancouver, Fred Snyder of Cartier Partners and I will be hosting an INFOMERCIAL but LIVE talk show called "ITS YOUR MONEY"
Those outside of the Lower Mainland will be able to listen on the internet at
www.600AM.com
Local phone calls to (604) 280-0600 - There is a provincial long distance line as well and old shows are archived at the site.
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