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    montrealgardene's Avatar
    montrealgardene Posts: 1, Reputation: 1
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    #1

    Jun 4, 2012, 11:31 AM
    Us ex-pat contributing to 401k?
    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?
    smoothy's Avatar
    smoothy Posts: 25,492, Reputation: 2853
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    #2

    Jun 4, 2012, 11:43 AM
    Quote Originally Posted by montrealgardene View Post
    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?
    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.
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