Tax advantages for canadian working in US?
Jun 1, 2021
8 Comments
In term of money wise, is there major benefit if I keep residence tie with Canada for tax or should I give up?
In term of money wise, is there major benefit if I keep residence tie with Canada for tax or should I give up?
comments
You can still open IRA and 401K accounts and contribute to them. It's also possible to then bring them to Canada and put to RRSP, but there is overhead and some fees you got to pay to US and IRS. You can also leave them and deal with it after retirement...
Uhm, I thought that the federal taxes are about the same for both countries with a slight advantage for US. If you have a residential ties to a particular place, wouldn't you have to pay both federal, state and provincial taxes? I would assume in that case the taxes would be higher again (unless you live in California and have residence in Alberta).
Can you elaborate as to why you think there is a tax advantage as Canadian tax resident?