401K Contribution

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akumar
Posts: 13
Joined: Sat Sep 14, 2013 8:24 pm

401K Contribution

Post by akumar » Sat Apr 13, 2019 8:03 pm

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

Re: 401K Contribution

Post by nelsona » Sun Apr 14, 2019 8:00 pm

You mjust report your 401K contribution, as it must reduce your RRSP contribution.
Nelsona Non grata. Non pro. Search previous posts. Happy Browsing :D
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