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Dear Taxman,
I am a Canadian citizen attending graduate school in New York. In the summer of 2002, I worked in California. In the summer of 2003, my company
retroactively offered retirement benefits to interns from the previous summer, so I have roughly $2000 in a Fidelity 401k account.
Must I report this income when I file my Canadian tax return even though it is not taxable income in the U.S.?
Also, I'm thinking of performing a rollover of
the 401k into a traditional IRA to maximize investment options. If I were to do this, would that affect whether I need to report this income?
I don't know if this will affect your answer, but I am also investing in an RRSP account this year, though I won't be making the maximum contribution.
Thanks for your advice!
XXXXXXXXX
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david ingram replies:
Although completely unfair, if you are still required to file a Canadian return, the amount that went into the 401(K) (or an IRA) is taxable in Canada.
This means that you are paying Canadian tax going in and paying US and Canadian tax coming out. Write your Canadian MP to get it changed.
David Ingram's US/Canada Services
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
4466 Prospect Road
North Vancouver, BC, CANADA, V7N 3L7
Res (604) 980-3578 Cell (604) 657-8451
(604) 980-0321
New email to [email protected]
www.centa.com www.david-ingram.com
Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
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David Ingram of the CEN-TA REALTY Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
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