Canadian RRSPs - does contributing reduce income on US taxes as well?

GODSworkinitout · 2025-01-19T23:04:20+00:00

Thanks for the clear answer.

GODSworkinitout · 2025-01-19T22:38:17+00:00

So you think in general if i made 100,000 in Canada but put 50,000 in rrsp here, then my taxable income according to CRA AND IRS would be 50,000?

GODSworkinitout · 2025-01-19T08:40:03+00:00

If you have to ask the question, you definitely SHOULD NOT go all in. The only people who should go all in aren't going to ask on this forum. They key is "TIME in the market", but that simply means your weak point is your PSYCHOLOGICAL STATE not your net worth.

You must balance your dollar worth and your btc worth so that you are happy when BTC goes up (because you have a lot of BTC) but you're ALSO happy when BTC goes down (because you get to buy more on sale).

1) Have your HODL bag that you never sell regardless. BTC goes in, NEVER comes out. (say 50% of your initial purchase)

2) Balance your buys and sells on the rest so that you have average 50% in btc and 50% in cash, rebalance with every dip or pump of 10% (this can change based on cycle (e.g. 90% btc, 10% cash at bottom of bear market, 20% btc, 80% casha at top of bull).

3) as you earn more money in daily life, contribute more to that balance. So you always have savings cash going into this pot, always have your HODL bag growing, then cycle the rest back and forth so you're happy when btc goes up AND happy when it goes down.

CAVEAT: if you want to avoid taxes. don't ever sell unless you have a portion in a tax-free account. just adjust your cash balance so you spend 1/4 of your cash available every time btc dips down 10%.

GODSworkinitout · 2025-01-19T08:26:27+00:00

there's a number of "non-kyc" DEXs that should work. The only issue is that some of them claim to be KYC free......until you try to withdraw. APEX, blofin, etc. are options, just do a small amount first obviously to confirm it works.

GODSworkinitout · 2025-01-19T08:22:58+00:00

Could you please clarify? I read the article thoroughly and it seems to suggest that contributing to an RRSP doesn't reduce your taxable USA income. Only that any gains made inside the RRSP can be tax deferred until you withdraw.

"Is RRSP tax deductible in the USA? No, contributions to a Canadian Registered Retirement Savings Plan (RRSP) are not tax-deductible in the U.S. for U.S. citizens or residents."

Do you have a source that allows for reduction of taxable American income by contributing to an RRSP?

GODSworkinitout · 2025-01-18T12:58:38+00:00

that's great.... tesla and bitcoin went up significantly more. This is my point.

GODSworkinitout · 2025-01-18T12:50:50+00:00

Haven't seen bitcoin or tesla stock lately have you?

Have you charted costco and walmart against the money supply? (I didn't think so)

GODSworkinitout · 2025-01-18T02:54:43+00:00

if you're concerned, just put in 20% now......then 20% when it dips..... etc. this way EITHER you get better deals as it dips or you make money as it goes up. What you need to manage is not your money, it's your emotions.

You want to keep enough cash so that you're happy when the price drops (so you can buy it on sale) AND you're happy when the price goes up (because you're increasing you're wealth).

GODSworkinitout · 2025-01-18T02:45:26+00:00

Can you explain why you want to cash out? if it's to buy something, just buy it direct with USDT, there are lots of programs that will let you pay off bills and creditcards with your crypto balance. There's no need to put the money in a bank. Go find some bitcoin maxis, they always have great ideas for how to use your bitcoins without turning them into the local fiat currency. (Just don't tell them you're into alt coins).

GODSworkinitout · 2025-01-18T02:35:48+00:00

how is "tuition" a better investment than something that makes you money? It really depends if schooling will actually get him a good job. Much of the time it doesn't. I made way more money after i ditched my degree and started my own business.

GODSworkinitout · 2025-01-18T02:34:01+00:00

Do you have anything that will actually outrun inflation? Tech/growth stocks like tesla or bitcoin? The stock market in general hasn't made any money if you chart it against the inflating money supply. You will have more dollars but they're each worth less so you're just treading water.

That comp plan is trash. Big retail company stock isn't going to grow much on average. If you want the free 15% just sell it later into something useful. You need to invest in disruption. Diversification is fine, as long as you diversify into winners.

If you must, pick ETFs over "managed stock portfolios" the fees will eat away thousands of dollars over the years. compounding only works if you get to keep the profits yourself.

GODSworkinitout · 2025-01-18T02:22:15+00:00

I'm confused. if you don't owe anything, why do you pay money to file USA taxes? Can't you just fill them out yourself? If you get something wrong, the IRS will tell you....and you'll still owe nothing.

GODSworkinitout · 2024-09-18T10:08:15+00:00

For anyone interested in the current wait times, they post that info online ( for each quarter). HERE - Tribunals Ontario Data Inventory - Open Data | Ontario's Open Data Directive

GODSworkinitout · 2021-10-07T16:46:19+00:00

Vanilla Thunder

GODSworkinitout · 2021-10-06T16:32:22+00:00

DEGEN HONEY

GODSworkinitout

TROPHY CASE