Taxation on US Life Insurance Payout for Canadian Spouse

cheryld · Post by **cheryld** » Thu Nov 22, 2012 3:46 pm

My husband had a life insurance policy through a US company because he worked for a US company, we never lived or worked in the USA.

It took a few years to get the payout but it's finally here. How much will I be taxed by the IRS and Canadian Governments?

I also got paid a bit of interest since the payout didn't arrive fast. How much should I be taxed on the interest?

Thanks

nelsona · Post by **nelsona** » Thu Nov 22, 2012 5:30 pm

TRhe interest only is taxable in canada only.

quo1 · Post by **quo1** » Thu Jul 17, 2014 1:23 am

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