Search found 10 matches

by bc075259
Fri Dec 22, 2023 4:27 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

Re: WEP 75% Reduction

formerpatriot wrote: > My wife recently applied for and started to received her SS benefits. > The WEP was applied due to her monthly QPP of about 625 CAD. > We have no idea what exchange rate was used for this 625 CAD. > We have no idea how much her SS monthly benefit would have been without > WEP....
by bc075259
Fri Oct 13, 2023 9:33 am
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

Re: WEP 75% Reduction

MaggieA wrote: > Sorry, after adding my comment I noticed that the OP, bc07529, already > confirmed with the AnyPIA calculator. > > The point is, WEP is not calculated based on FRA, but on ELY. SSA says so > (on the page I linked in previous post) and the calculator confirms it. > > So those intelli...
by bc075259
Fri Sep 15, 2023 9:18 am
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

Re: WEP 75% Reduction

nelsona wrote: > One difference in my case is that I'm applying early (62). It looks like > you were incorrectly penalized by waiting. When I use SSA anypia app calculator, I get the exact same result as the SSA agent did. It looks like it reduces my FRA PIA, then adds the delayed credits to that ne...
by bc075259
Thu Sep 14, 2023 11:04 am
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

Re: WEP 75% Reduction

A little update on this case. I filed an online "Request for Reconsideration SSA-561" on April 5, I have called about a dozen times but I still have not received an official written response. Someone in my local office said it can take 6 or more months these days. If this request is denied...
by bc075259
Mon Mar 20, 2023 2:52 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

Re: WEP 75% Reduction

nelsona wrote: > The calculator is just the first step. > > But, IN ALL CASES, WEP is limited to 50% of the uncovered pension amount. > The SSA admits that their calculation get overridden by this clause: > > "*Important: This is for estimate purposes only. The WEP reduction is > limited to 1/2...
by bc075259
Thu Mar 16, 2023 11:12 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

Re: WEP 75% Reduction

nelsona wrote: > WEP calculations are supposed to be done based on FRA, then they adjust > based on age. yes, that looks like what the calculator does. when I run the numbers using my FRA of 66, the PIA gets reduced by 50% of QPP, the issue is when you run the numbers using age 69, it also reduces t...
by bc075259
Wed Mar 15, 2023 11:44 pm
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

Re: WEP 75% Reduction

Thanks for the reply. I'm 69 and dealing with a representative in Auburn Washington. He was pretty easy to deal with and ran the numbers multiple times with the same result. I also ran the numbers with the downloadable SSA calculator (anypia) and got exact same result as he did. So if it's incorrect...
by bc075259
Tue Mar 14, 2023 11:11 am
Forum: Canada / United States Tax & Accounting
Topic: WEP 75% Reduction
Replies: 18
Views: 15935

WEP 75% Reduction

I just applied for Social Security (with 20 years substantial earnings) and indicated that I am also receiving QPP. Speaking with the SS agent, he indicated that my $555 USD QPP would reduce my SS benefit by $422 (~76%). I informed about the 50% max reduction that is listed on on the SS WEP webpage ...
by bc075259
Fri Mar 01, 2019 1:45 pm
Forum: Canada / United States Tax & Accounting
Topic: Quebec non-resident RRSP witholding rate
Replies: 3
Views: 1627

Re: Quebec non-resident RRSP witholding rate

Thanks Nelson, I recall making a non-resident RRSP withdrawl about 12 or so years ago, and they withheld around 30%, indicating the with-holding rates for Quebec originated RRSPs was higher. I also have an older book by B. Wruk (not sure if you know the one) that indicates non-resident Quebec RRSP w...
by bc075259
Wed Feb 13, 2019 12:54 am
Forum: Canada / United States Tax & Accounting
Topic: Quebec non-resident RRSP witholding rate
Replies: 3
Views: 1627

Quebec non-resident RRSP witholding rate

Is the 25% tax withholding rate on non-resident RRSP withdrawals the same for a RRSP that originates in Quebec? I somehow thought the Quebec rate was higher but I can't find anything on this now. Likewise, is the RRIF 15% withholding rate applicable to Quebec as well?

Thanks!