Search found 9 matches

by johnnyappleseed
Wed Apr 14, 2021 3:07 pm
Forum: Canada / United States Tax & Accounting
Topic: Deducting individual contributions to US HSA from Canadian Income Tax
Replies: 1
Views: 281

Deducting individual contributions to US HSA from Canadian Income Tax

A majority of my HSA contributions were made through my employer and thus deducted from my W2. However, I contributed some with after-tax money that I'm able to write off on the US, but am wondering what the procedure for doing that is when filing my Canadian resident tax return. Do I just not inclu...
by johnnyappleseed
Mon Apr 12, 2021 9:10 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Re: Implications of Canadian Contribution in Roth 401k

Yeah, so I think I've resigned myself to that reality. The question then becomes what to do with my backdated Roth IRA contribution that I made in 2021 for 2020, i.e. do I ask the trustee to do a recharacterization to a Traditional IRA or do I leave it be since it won't be an issue? Additionally, is...
by johnnyappleseed
Mon Apr 12, 2021 8:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Re: Implications of Canadian Contribution in Roth 401k

I was going based off of "But if you are 100% in US, and have no ties in canada, you are a CDn tax non-resident, by any definition, as long as you ACT that way, which means giving up any GST/CCTB etc, which you can easily do based on work starting date." This seems independent of my US tax...
by johnnyappleseed
Mon Apr 12, 2021 2:17 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Re: Implications of Canadian Contribution in Roth 401k

Hi nelsona, sorry to revive such an old thread, but I was hoping you might assess whether or not I actually qualify for non-residency, as well as the tax implications that non-residency might have. It seems like the burden for declaring non-residency is quite high in ambiguous cases, but maybe you c...
by johnnyappleseed
Mon Sep 07, 2020 6:42 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Re: Implications of Canadian Contribution in Roth 401k

I see, that's great! For some I was under the impression that I was not allowed to be a non-resident of the two countries simultaneously. Thanks for your help.
by johnnyappleseed
Mon Sep 07, 2020 4:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Re: Implications of Canadian Contribution in Roth 401k

Reading more into it it seems that I would be forced to use all the tuition tax credit before being able to use foreign tax credit, the latter of which I would not be able to carryover. So it would definitely make sense to classify myself as a US tax-resident to avoid losing this amount in credit. H...
by johnnyappleseed
Sat Sep 05, 2020 4:06 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Re: Implications of Canadian Contribution in Roth 401k

Another issue is that I would not be able to claim my 2020 tuition amount on my Canadian tax return for future carryover if I am not a Canadian resident (though I am not entirely sure about this, perhaps CESB disbursements count as Canadian-sourced income); in the United States, I would not be eligi...
by johnnyappleseed
Sat Sep 05, 2020 2:57 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Re: Implications of Canadian Contribution in Roth 401k

The reason it would cost me more to declare US residency is because I would have to pay FICA tax. In Canada, though, I have tax credits that can be used to offset the extra tax burden. If I intend to stay in the US a lot longer, I figured it would make sense to use those tax credits sooner rather th...
by johnnyappleseed
Fri Sep 04, 2020 10:38 pm
Forum: Canada / United States Tax & Accounting
Topic: Implications of Canadian Contribution in Roth 401k
Replies: 17
Views: 1626

Implications of Canadian Contribution in Roth 401k

I recently began working in the United States on OPT as a Canadian expat. This being my fifth year on an F1 visa, I am still considered a Canadian resident for tax purposes, but will become a US tax resident starting January 2021. When I began my employment, I initially set up a Roth 401k contributi...