My_question_is: Applicable to both US and Canada
Subject: 401K
Expert: taxman at centa.com
Date: Sunday November 20, 2005
Time: 01:48 PM -0800
QUESTION:
can I deduct my 401k in US in my Canada tax? I live in Canada but I work
in US. whenever I filed my Canada Tax i put back my 401K in my total
income. Is that right?
===================================================
david ingram replies:
Well you should likely have us doing the dual tax returns - half of our
clients do not even live in Canada so we are experienced with faxed,
emailed, couriered and snail mailed returns.
The 401K contribution forms part of your Canadian Taxable income and is
extremely unfair. If you are putting it in voluntarily, STOP! right now.
If it is a mandatory contribution because of a union contract, etc or
because your employer is matching it, try and get the employer to accept a
Canadian RRSP as the equivalent. Tauck Tours a big Connecticut travel
company has just done that for its Canadian employees as one example.
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