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!
Rollover IRA contributions deductible?
Moderator: Mark T Serbinski CA CPA