Canadian returning to Canada : 401k Election to defer taxes

[GRioux]

Good afternoon.

I am a Canadian who worked in the US between mid 2014 and mid 2016.

I was laid off in 2016 and stayed in the US until January 2017 when I returned to Canada to work. Not sure if this matters or not but my wife, A Canadian military member was posted in the US and remained there until summer of 2018.

Because I was misinformed, I have not filed an election notice with CRA to defer taxes on the 401K.

What are my options at this point?

Thanks in advance for your help.
GR

[nelsona]

There is no election to defer tax on 401(k), it is automatic.
If you have a ROTH401(k), this needs to have an election filed, which you can do now with your tax return.

[GRioux]

That’s fantastic news. So, do I need to tell CRA anything about the 401k before I start drawing retirement income from it then?

Thanks !

[nelsona]

No