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  1. Unlike 401(k) plans, contributions to a TFSA are not tax-deductible, but withdrawals are tax-free in Canada. For cross-border individuals, a TFSA can cause additional complications because it is considered a taxable account for the IRS and may be viewed as a foreign trust.

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  2. Managing a 401(k) in Canada with the help of a cross-border financial advisor can help resolve those issues for you. An option for moving and managing a 401(k) in Canada is transferring the plan into a rollover IRA (individual retirement account) and having the IRA managed by a dual-licensed financial advisor.

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  3. May 21, 2021 · You can keep your 401(k) when you move to Canada. One option is to roll over your 401(k) to an IRA and have it managed with a dual-licensed financial advisor. Your 401(k) contributions may be deductible in Canada, depending on your situation. You should consult with your cross-border tax accountant on this matter.

  4. Geoff is aged 60 and he lived and worked in the U.S. for 10 years. He is not a U.S. citizen or Green Card holder, he has now returned to Canada, and has re-established Canadian tax residency. While Geoff was employed in the U.S., he was a non-resident of Canada and participated in a 401(k) plan which he rolled over to an IRA.

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  5. Mar 17, 2023 · Unlike a traditional IRA or 401(k) plan that qualifies for a foreign retirement plan in Canada, the income accrued in a Roth IRA or Roth 401(k) plan is taxable in Canada. However, an individual may file a one-time election to enjoy the tax deferral treatment in Canada under paragraph 7 of the Canada-US tax treaty to treat the plan as a tax-deferred pension.

  6. Oct 12, 2024 · Key Features and Benefits of the 401k Equivalent in Canada. When saving for retirement, the Registered Retirement Savings Plan (RRSP) is Canada’s equivalent to the U.S. 401(k). Both retirement vehicles offer tax benefits and flexibility to help individuals build a secure financial future.

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  8. Nov 26, 2020 · With 401(k)s, the plan administrator tracks the after-tax and pre-tax contributions. With IRAs (including when 401(k)s are rolled over to IRAs), tracking is the individual’s responsibility. Rebecca Hett, CPA, CGA, TEP, is vice-president, Tax, Retirement and Estate Planning at CI Investments.

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