Where do I save money? US or Canada?

[Mark.w]

Hello,

I am a dual citizen born in the US and living in Canada.
My wife and child are also dual citizens.
I live in a boarder town and live in Canada and work in the US.

How and where do I save without being taxed double.

Do I save in my US 401k or Roth IRA?
Do I save in a Canadian RRSP or TFSA?

How do I save for my child's education in a RESP? Will she be taxed on the amount in the account?

I have a home and mortgage in Canada.
Should I just pay it off with the money I would be saving in a retirement fund?

Thanks,

Mark.

[Mark.w]

I would like to keep at least half of my savings in Canada and Canadian funds but have to first figure out which ones and how to go about doing that without being taxed double.

My big problem is that I want to save for my daughters education but now I am hearing that the RESP is not the way to do it since my daughter as well as myself are both American citizens.

Mark

[nelsona]

you should not contribute to a Roth, since it will be taxable in canada. Your 401(k) contribs are tax deductible in US and canada. You rRRSP contribs would not be deductible in US.

TFSA is taxable in US.

If you to use RESP, a Cdn (non-US citizen) relative should start and fund it for you.

[eortlund]

We are Americans in Canada, with no Canadian relatives. I had my brother start a 529 for my kids in the US. This seemed like the best solution--we considered my Dad, but Medicaid will raid 529 accounts and he's in his 60s.