If I work in both countries, can I do RRSP and IRA?
Moderator: Mark T Serbinski CA CPA
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If I work in both countries, can I do RRSP and IRA?
I'm an American working in Canada on a work visa. My ultimate goal is permanent residency in Canada. In 2013 I made about $200,000 as an independent contractor in Canada, and about $35,000 as an independent contractor in the United States. Can I contribute to both an RRSP AND an IRA? Any help would be appreciated. :?:
You can contribute to an IRA, but it will not be tax deductible in Canada. Your goal should be to reduce your Cdn tax, as it will be more than your US tax. Sp maxxing out your RRSP contributions (you may not have much limit if you moved in 2012 or none in 2013).
do NOT do a Roth contribution while living in Canada.
do NOT do a Roth contribution while living in Canada.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing