I have a cousin who is a Canadian citizen working in the USA, asking me about the Canadian RRSP. However being an American I am more familiar with 401k, Roth IRA, and Traditional IRA.

1) From googling this site, https://www.wealthsimple.com/en-ca/learn/what-is-rrsp, it seems that the RRSP is a form of Roth IRA for Canadians?

2) To participate in an RRSP, must she live and work in Canada?

3) Is this a good recommendation for a Canadian worker based in the USA: First take advantage of contributing to a USA employer 401k. Next utilize a traditional or Roth IRA. Lastly, if she returns to Canada to work, then participate in an RRSP?

4) Any other gotchas in this situation as a Canadian working and living in the USA?

I believe her goal is to save for retirement and a home downpayment while reducing taxable income.


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