Canadian returning to Canada : 401k Election to defer taxes

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GRioux
Posts: 9
Joined: Fri Aug 12, 2016 3:39 pm

Canadian returning to Canada : 401k Election to defer taxes

Post by GRioux » Thu Mar 28, 2019 3:55 pm

Good afternoon.

I am a Canadian who worked in the US between mid 2014 and mid 2016.

I was laid off in 2016 and stayed in the US until January 2017 when I returned to Canada to work. Not sure if this matters or not but my wife, A Canadian military member was posted in the US and remained there until summer of 2018.

Because I was misinformed, I have not filed an election notice with CRA to defer taxes on the 401K.

What are my options at this point?

Thanks in advance for your help.
GR

nelsona
Posts: 15980
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Canadian returning to Canada : 401k Election to defer taxes

Post by nelsona » Thu Mar 28, 2019 4:13 pm

There is no election to defer tax on 401(k), it is automatic.
If you have a ROTH401(k), this needs to have an election filed, which you can do now with your tax return.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

GRioux
Posts: 9
Joined: Fri Aug 12, 2016 3:39 pm

Re: Canadian returning to Canada : 401k Election to defer taxes

Post by GRioux » Thu Mar 28, 2019 11:47 pm

That’s fantastic news. So, do I need to tell CRA anything about the 401k before I start drawing retirement income from it then?

Thanks !

nelsona
Posts: 15980
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Canadian returning to Canada : 401k Election to defer taxes

Post by nelsona » Fri Mar 29, 2019 10:55 am

No
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D

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