Unused 401(K)/IRA Contributions prior to Year 2009

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gandotra
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Joined: Fri Feb 13, 2009 5:52 pm

Unused 401(K)/IRA Contributions prior to Year 2009

Post by gandotra »

In the light of US-Canada Fifth Protocol Treaty signed on Dec 15, 2008 where in RRSP and 401(K)/IRA Contributions are to be mutually recognized -Can a Factual Resident of Canada (with Dual Residence Status in USA) claim the unused prior years 401(K)/IRA Contributions in lieu of RRSPs on Year 2009 Canadian Tax Return.

Reference http://www.cra-arc.gc.ca/E/pub/tg/t4040/t4040-09e.pdf Page 10 one can deduct unused contributions made in to RRSPs from Jan 1, 1991 to March 1, 2010. Can any 401(K)/IRA Contribution in the year 2004 - 2008 which was not claimed on Canadian Return for respective years be claimed on Year 2009 Canadian Return provided there is a room in the Individual RRSP's deduction limit?

Thanks/
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