I have lived in Canada for 20 years and have duel citizenship. I have worked in the US, but never contributed to a retirement fund. Can I do it now because of previously earned US income? What would the Canadian tax consequences be?

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Originally Posted by montrealgardene

I have lived in Canada for 20 years and have duel citizenship. I have worked in the US, but never contributed to a retirement fund. Can I do it now because of previously earned US income? What would the Canadian tax consequences be?

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No... a 401K by its very nature has to be contributed to via your paycheck deduction to a current participating employers plan. You want another form of investment such as one of the IRA's or other type products.