401K Contribution

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akumar
Posts: 20
Joined: Sat Sep 14, 2013 8:24 pm

401K Contribution

Post by akumar »

Hello,

I am a dual citizen who lives in Canada and works in the USA. I contribute and max out my 401K in the US, my employer matches most of the 401K.

For 2018 taxes, I am considering not deducting my 401K contribution through my allowable RRSP room as my limit is small and the employer contribution will serve as a large pension adjustment. I will pay more Cdn taxes, but get a much bigger RRSP limit for 2019.

I'm a bit confused how to best balance the 401K/RRSP contribution options going forward, should I make separate contributions? Any advice.
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nelsona
Posts: 18359
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: 401K Contribution

Post by nelsona »

You mjust report your 401K contribution, as it must reduce your RRSP contribution.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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