CRA Tax Audit and 401 K

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arcrave
Member since: Mar 05

Posts: 93
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Post ID: #PID

Posted on: 05-08-07 12:03:25

Hi
I got a letter from CRA regarding one of the exemptions I claimed for 401K income I brought over last year. Since 15% tax was deducted by IRS ( US tax agency ) I claimed that exemption. CRA is asking me for more info/docs on that exemption. My question is, though I will provide them with 1040S form on the 401K, is there any Do's and Don't that I should keep in mind before I fax/mail the docs.

If any of you had any experience dealing with CRA can you provide your opinion/advice

Thanks

Smiley
Member since: Mar 03

Posts: 1185
Location: USA
Post ID: #PID

Posted on: 06-08-07 02:25:07

CRA does not recoganize 401K deduction/exemption . You will have to pay taxes on that income/withdrawl

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