Rollover IRA contributions deductible?

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twistypencil
Posts: 1
Joined: Mon Feb 20, 2017 8:00 pm

Rollover IRA contributions deductible?

Post by twistypencil »

I am a US citizen, with a work-visa for Canada, and have been living and paying taxes in Canada/Quebec for four years.

I made contributions to my US-based Rollover IRA as it seemed to make sense to continue to contribute to my existing retirement account and because it is uncertain how long I will remain in Canada it didn't seem to make sense to start a RRSP. I still have a residence in the US, so my US-based Fidelity account continues as it always has.

However, reading the CRA website, it is incredibly unclear if this can be deducted from my taxes, like a RRSP would be. I hope it is, because I don't want to contribute to two places, or move the IRA investment in time for the RRSP cutoff date. If its not possible, then I will want to make RRSP contributions soon in order to make it in time for this year's cut-off date. I do like the fact that unused RRSP contributions can be carried over to the next tax year, but I'd like to do it this year!
nelsona
Posts: 18363
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Post by nelsona »

Only work-sponsored 401k/403b contributions through payroll would be deductible in Canada, not private contributions
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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