U.S. Equivalent of the TFSA — Meet the Roth IRA
Reading Time: 3 minutes The Roth IRA is equivalent to the Canadian TFSA. However, there are contribution and withdrawal limits that are unlike the Canadian TFSA.
June 27, 2024
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Reading Time: 3 minutes The Roth IRA is equivalent to the Canadian TFSA. However, there are contribution and withdrawal limits that are unlike the Canadian TFSA.
Reading Time: 2 minutes There are two ways to make contribution to your RRSP as a non-resident of Canada—with room or with new Canada-sourced income. For TFSA, you cannot, and will be charged 1% if you contribute.
Reading Time: 3 minutes The U.S. equivalent of the Canadian RRSP is the IRA, Solo 401(k), and Group 401(k). Be aware of key differences in contribution limits, withdrawal penalties, and income limits.
Reading Time: 3 minutes If you don’t have an LLC: You have two options on the U.S. side—a Limited Partnership and a C Corporation.
If you have already set up an LLC – You can convert the LLC to a C Corp, convert the LLC to a Limited Partnership, reorganize in a multi-layer structure, or maintain the LLC if you are close to exit and selling.
For assistance in planning and transferring your U.S. assets to Canada, please contact our colleague Phil Hogan, CPA, CA, CPA at (250) 661-9417 or phil@philhogan.com