Tax Tip: Are US Pensions Taxed to Canadian Citizens Living in Canada?
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Overview
- If you receive a pension from any foreign country, including the United States, you must include it in your Canadian tax return.
- Due to the tax treaty between the two countries, you can deduct any U.S. taxes paid on your pension, as well as 15 percent of any U.S. Social Security benefits.
- If you have been receiving U.S. Social Security benefits continuously since 1995, or if you are receiving death benefits for a spouse, you may be eligible for a 50 percent deduction.
To find out if you qualify, contact the Tax Information Phone Service (TIPS) at 1-800-267-6999.
References & Resources
- Canada Revenue Agency: Line 115: Pensions From a Foreign Country
- Canada Revenue Agency: Exempt Foreign Income
- Canada Revenue Agency: Line 405 – Federal Foreign Tax Credit
Key Concepts
- US pension Canada
- Foreign pension taxes
- Canada taxes US
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