Financial Planning for Non-Resident Canadians returning back to Canada and also tax Tips

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Harshad (anonymous) Posted 4 days ago

Hello Allan, I am, living in US since 10 Years now. I am returning back to Canada after 2 years. Do you guys provide service regarding providing guidance and tax filing services for following:

1) 401 K
2) IRA
3) Cross border tax simplification.
4) Informing CRA once I become resident of Canada.

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score 0 · Answer 1 · 2025-12-05T18:39:36+00:00

Hi Harshad,

Thank you for your question.

Yes — we do assist Canadians returning from the U.S. with cross-border tax planning and annual filings. Based on what you’ve shared, here are the key areas we can help with:

1. 401(k) and IRA Planning

Your U.S. retirement accounts remain tax-deferred when you move back to Canada.
Withdrawals will be taxable in Canada and may be subject to U.S. withholding, with a foreign tax credit available.
If beneficial, we can review whether a transfer of IRA/401(k) funds into an RRSP is possible and tax-efficient.

2. Roth IRA Considerations

Roth IRAs require a specific treaty election after you re-establish Canadian residency to keep the growth tax-free in Canada.
We assist with this election and long-term planning.

3. Cross-Border Tax Simplification

Coordinating Canadian and U.S. tax filings so income is not double-taxed.
Reviewing your U.S. residency status, worldwide income reporting, foreign tax credits, and planning for the year you return.

4. Becoming a Resident of Canada Again

We guide you on notifying the CRA once you re-establish factual residency.
We file your Canadian return for the year of arrival, including form T1135 (if required) and any foreign income reporting.

If you’d like, we can arrange a short call to review your situation and outline a clear plan for your return to Canada.

Feel free to reach out any time.

Financial Planning for Non-Resident Canadians returning back to Canada and also tax Tips

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