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I'm a US citizen living in Canada as a permanent resident. I earn income and receive interest/dividends from both countries. I file income tax returns in both countries.

Every year I hear encouragement in Canada to contribute to a Tax-Free Savings Account (TFSA) or Registered Retirement Savings Plan (RRSP). And I hear encouragement in the USA to contribute to a Individual Retirement Account (which I already have, from working in the uSA) or a Roth IRA (which I also have). For people in one country or the other, those vehicles are great. But since I file taxes in both jurisdictions, I need to worry about how each country treats the other country's savings vehicles.

Are there any savings vehicles which are tax-advantaged for a taxpayer who files both Canadian and USA income tax returns?

Jim DeLaHunt
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1 Answers1

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You should talk to a US & Canadian tax advisers of course, but to the best of my understanding RRSP's are treated the same in the US and Canada. You have to file form 8891 with the IRS to get that treatment. I'd suggest getting a professional to explain about it.

littleadv
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