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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.
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.