1. I'm a GC holder living in the US for the last 10 years. I've been offered a contract from the Canadian government (Public Works). The work is to be performed in the US and payment is monthly in US dollars (thankfully). As self-employed/independent contractor in the US, I would then file the self-employment (SE) and income taxes with the IRS (1040, etc...). But are there any tax implications with Revenue Canada since the contract itself originates from a Canadian entity (I haven't filed a return with RC in ages since all my income has been in the US).
2. Which US tax-sheltered retirement plan for US independent contractors are recognized by Revenue Canada (or that will give the least hassle when moving back to Canada). I'm looking at SEP IRAs and Solo 401(k), for example.
Self-employed GC with Canadian contract
Moderator: Mark T Serbinski CA CPA
Your Cdn income should not be reportable in Canada, but you may have to file to get any withholding back.
I would think that the 401(k) set up would be accepatble, but you may need confirm from CRA, since this is new territory.
I would think that the 401(k) set up would be accepatble, but you may need confirm from CRA, since this is new territory.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best