Tax Implications of working for a US employer while living in Canada

COVID-19 has changed many aspects of our lives, including the possibility of working remotely. As a result, we have seen a trend where various professionals such as IT employees working for Google, Facebook, etc. who otherwise reside in the US, decided to take the opportunity to spend time in Canada while remaining employed by their US employer.

Global News – Make the most of your money

Matt Altro answers a question from Global News, specifically about the various considerations around cross-border gifting.

Investment Executive – How the Democrats’ proposed tax policy could affect cross-border clients

Matt Altro was recently interviewed by Michelle Schriver from Investment Executive to explain the potential tax impact the 2020 US Presidential election may have on US citizens living in Canada.

Non-residents and Registered Retirement Savings Plans (“RRSPs”)

Non-residents of Canada can continue to hold RRSPs after leaving Canada. Income and gains in an RRSP are considered tax-free in Canada and in many foreign countries with which Canada has tax treaties and where non-residents may live.

As such, non-resident taxpayers may consider contributing to RRSPs for various reasons, if they have Canadian taxable income and RRSP contribution room.
For one, taxpayers can enjoy an immediate tax savings as RRSP contributions are deducted from Canadian taxable income.

Non-residents and Registered Retirement Savings Plans (“RRSPs”)

Non-residents of Canada can continue to hold RRSPs after leaving Canada. Income and gains in an RRSP are considered tax-free in Canada and in many foreign countries with which Canada has tax treaties and where non-residents may live.

As such, non-resident taxpayers may consider contributing to RRSPs for various reasons, if they have Canadian taxable income and RRSP contribution room.
For one, taxpayers can enjoy an immediate tax savings as RRSP contributions are deducted from Canadian taxable income.

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