Basically i have been living in Canada the past 3 years as a PR and im married to a Can Citizen. I have been working for 2 years and i have had HR block do my taxes for the US. Charged me $250 so i would like to do them myself. She only reported my income from my job which was around 30k, and didn't include rrsp or any bank accounts. Is that accurate?
Also another question. I want to start a Roth IRA back in the States, now when i start that, i think i read i don't have to report anything to Canada or the US since its sheltered? Anyone who lives in Canada contributes to a Roth IRA?
Thanks!
Mike
New member here, have a couple questions regarding tax.
Moderator: Mark T Serbinski CA CPA
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MIKE2000Z28
- Posts: 66
- Joined: Wed Jan 16, 2008 11:49 am
- Location: Quebec, Canada
Re: New member here, have a couple questions regarding tax.
Check this board for info on your US reporting requirements re RRSP's and foreign bank and financial accounts. Beware using H&R Block (says he who charges significantly more to do US returns)! You generally get what you pay for.
Roth's are not Treaty protected in Canada to date, so the annual income and gains earned within the plan are taxable in Canada. The good news is that the new protocol to the Treaty will make Roth's qualify as a foreign retirement plan, so they will be treated in Canada in the same way they are treated in the US.
But, that won't come into effect until Jan 1/09 at the earliest.
Roth's are not Treaty protected in Canada to date, so the annual income and gains earned within the plan are taxable in Canada. The good news is that the new protocol to the Treaty will make Roth's qualify as a foreign retirement plan, so they will be treated in Canada in the same way they are treated in the US.
But, that won't come into effect until Jan 1/09 at the earliest.