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Ebook: Canadian Deductibility of 401(K) Contributions and U.S. Deductibility of RRSP Contributions

November 22, 2022 By Cardinal Point Wealth

New Ebook – Canadian Deductibility of 401(K) Contributions and U.S. Deductibility of RRSP Contributions

CA US 401k/RRSP deductibility

A Canadian working in the U.S. may be offered a 401(k) plan with matching contributions by their employer. The plan will lower U.S. taxable income, but what effect will it have on Canadian taxable income? Are the matching contributions taxable in Canada, and how will Canadian RRSP contributions be affected? Or IRA contributions? Similarly, an American working in Canada may utilize RRSP contributions to reduce taxable income in Canada. But are they deductible on a U.S. tax return? What are the necessary tax forms? The Canada-U.S. tax treaty is where the answers are. Find out more in this e-book. As always, Cardinal Point’s professionals are ready to assist you in all cross-border tax and retirement matters.

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Filed Under: Articles, Ebooks Tagged With: American working in Canada, Canadian working in the U.S., cross-border tax and retirement

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“Cardinal Point” is the brand under which dedicated professionals within Cardinal Point Capital Management, ULC provide financial, tax and investment advisory, risk management, financial planning and tax services to selected clients. Cardinal Point Capital Management, ULC is a US registered investment advisor and a registered portfolio manager in Canada (ON, QC, MB, SK, NS, NB, AB, BC). Advisory services are only offered to clients or prospective clients where Cardinal Point and its representatives are properly registered or exempt from registration. This website is solely for informational purposes. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital.