Hello,
IRS allows to contribute an additional US$6,500 to the total of US$26,000 to 401k plan for a 50+year old person.
Will CRA allow to deduct the full amount for a Canadian resident for a Canadian tax return? Will it be considered as an excess contribution for a Canadian tax purposes?
Thanks.
401 k contributions for a 50+ years old Canadian cross border worker
Moderator: Mark T Serbinski CA CPA
Re: 401 k contributions for a 50+ years old Canadian cross border worker
CRA will allow you to deduct upto your RRSP limit. Any excess will not be deductible or carried forward, but will not be considered as excess contributions.
You continue to report an RC268.
You continue to report an RC268.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing