I worked in the US for 15 years before moving to Canada which resulted in a retirement portfolio in the US that contains a traditional IRA.
Now living in Canada I have opened an RRSP and have contributed to it annually to continue saving for retirement and to help reduce my Canadian tax obligation.
Moving forward, should I look to contribute only (up to the limit) of my RRSP in an effort to reduce Canadian taxes? Or is there a reason I should consider contributing to the IRA as well?
I realize the recent plunging loonie complicates the answer because if I were converting from CAD to USD in order to contribute I'm at a disadvantage. I'm not looking to introduce currency swing into the question but more interested in fundamentals I should know about. So Consider I'm looking for an answer assuming the dollar was at par or another possibility would be to contribute to the IRA from savings which are already in USD but not in an IRA.