Search found 4 matches

by mydigital
Fri Feb 19, 2021 5:03 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k Deductions + Roth for Canadian Tax Return
Replies: 8
Views: 2591

Re: 401k Deductions + Roth for Canadian Tax Return

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 ?
by mydigital
Wed Feb 17, 2021 1:30 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k Deductions + Roth for Canadian Tax Return
Replies: 8
Views: 2591

Re: 401k Deductions + Roth for Canadian Tax Return

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 them...
by mydigital
Tue Feb 16, 2021 9:19 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k Deductions + Roth for Canadian Tax Return
Replies: 8
Views: 2591

Re: 401k Deductions + Roth for Canadian Tax Return

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 mad...
by mydigital
Mon Feb 15, 2021 10:55 pm
Forum: Canada / United States Tax & Accounting
Topic: 401k Deductions + Roth for Canadian Tax Return
Replies: 8
Views: 2591

401k Deductions + Roth for Canadian Tax Return

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...