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I always try to remind people that how you approach cross-border tax is unique to your circumstances. Sometimes, it’s just easier to get detailed information from a cross-border CPA and Chartered Accountant who can answer ALL of your questions. If that’s you, let’s schedule a call to get you some help.
Is US 401K taxable in Canada?
Hi Mohammad, I just wanna know if 401K is considered taxable in Canada as well?
401(k) addresses money earned in the USA. Since the account got set up in the U.S., it has the first right to tax this income. Yes, you can be taxed in Canada as well, but it has a secondary right to tax this income.
However, the tax you paid in the USA can also be considered a foreign tax credit.
