Serbinski Accounting Firms

Hi nelsona

As per form RC268, can I deduct the full 19.5K which I contributed to my US 401k or is that amount limited to my RRSP deduction limit for 2020 ? My RRSP limit was 10k ?

Yeah, thanks for clarifying.

I can call my broker and withdraw the money. I contributed $6k and presently the balance is $5900. Therfore, I can withdraw the entire $5900 and as there is a loss, there is no tax needed to be paid.

What technical term shall I use after I call my broker ? Just tell ...

Thanks for the reply.

1. All good
2. I can deduct the entire 401k amount (19.5K) while filing my Canadian taxes and I am not limited to deduct only the amount allocated to my RRSP Contribution room ($10k) ? So, my tax liability in Canada is greatly reduced ?
3. So, any Roth Contributions which I ...

I am a Canadian citizen and my family lives in Canada. Last year, I worked in US for 5 months and contributed full amount ($19.5k) to 401k and also made a Roth contribution of $6k. For rest of the year, I was in Canada and had no income. I had some questions regarding tax treatment of my US 401k and ...