The dividend tax credit meaningfully reduces the taxes that Canadians pay on dividends, and causes dividend income to be the single most tax-efficient form of income available to Canadians. A comparison can help Canadian investors understand how the lack of the dividend tax credit may impact the appeal of their U.S. holdings. Nov 03, 2014 · Note that for your Canadian taxes, CRA just cares about your income from the date you became a PR. Note that this includes any investment income you may have in US bank accounts. Once you file your Canadian taxes, you can file your US taxes (file married but separate). Canadian savings account. TFSA – Tax-Free Savings Account. American equivalent. Roth IRA. Similarities. All contributions to these accounts are after-tax money. No tax benefit is generated from the contribution – however a contribution to the Roth IRA can qualify for the retirement savings credit.