Tax advantaged investing

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Tax advantaged investing

Post by goldstone »

I'm trying to learn what tax advantaged investment opportunities may be available to an individual who has a H1B visa and who become US tax resident for 2023 but who will probably be returning to Canada in a few years. He has a 401(a) pension at his workplace.

I have three questions and greatly appreciate any advice on them or suggestions for good places to research these questions.

1. Is it correct that he could put $ 6500 per year into an IRA or Roth IRA ?
2. Are there any other tax advantaged vehicles he could utilize ?
3. What are the tax consequences on these investment vehicles if he returned to Canada ?

Thanks very much for any help.
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