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
Canadian returning to Canada : 401k Election to defer taxes
Moderator: Mark T Serbinski CA CPA
Re: Canadian returning to Canada : 401k Election to defer taxes
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.
If you have a ROTH401(k), this needs to have an election filed, which you can do now with your tax return.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing
Re: Canadian returning to Canada : 401k Election to defer taxes
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 !
Thanks !
Re: Canadian returning to Canada : 401k Election to defer taxes
No
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing