What happens to my IRA & 401K if I temporarily relocate to Canada?

Allan Madan, CA
 Nov 22, 2013
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I am a US citizen who is being relocated to work in Canada temporarily by my employer. Can I continue to contribute to my employer sponsored IRA/401(k) and will Canada allow me to claim a tax deduction for contributions I make to my US retirement plan?

Yes, as long as you were a US resident who was already participating in such a pension plan immediately prior to the relocation, then your contribution to your IRA/401(k) will be tax deductible in Canada.

 

Disclaimer

The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.

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