International Tax, Cross-Border and Expatriate Tax Expert
for Individuals and Entrepreneurs
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.