Search found 10 matches
- 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....
- 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...
- 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...
- 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...
- 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...
- 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...
- 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...
- 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 ...
- 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...
- 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!
Thanks!