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 »

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: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

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

Post by nelsona »

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. Please Search previous posts, no situation is unique as you might think. 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 »

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: 18311
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

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

Post by nelsona »

No
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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