Search found 102 matches

by exPenn
Tue Apr 28, 2020 11:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadians with SSN filing for stimulus check.
Replies: 10
Views: 2300

Re: Canadians with SSN filing for stimulus check.

Nelsona: Canadians like my wife and I, resident in Canada, who Collect Social Security, but who are not US citizens, do not receive a SSA-1099. We receive a SSA-1042S. It contains the same information as the SSA-1099, but it is sent to non resident aliens. Since it is stated that you must be a US ci...
by exPenn
Tue Apr 28, 2020 4:35 pm
Forum: Canada / United States Tax & Accounting
Topic: Canadians with SSN filing for stimulus check.
Replies: 10
Views: 2300

Re: Canadians with SSN filing for stimulus check.

I just noticed this post. Everything I read about the stimulus checks says that to be eligible, you must be "U.S. citizens, permanent residents or qualifying resident aliens". I assume this means that Canadian residents who are not (or are no longer) US citizens, are not eligible, even if ...
by exPenn
Sun Sep 29, 2019 10:11 am
Forum: Canada / United States Tax & Accounting
Topic: Exchange rate for Canadian income for WEP calculations
Replies: 5
Views: 1171

Re: Exchange rate for Canadian income for WEP calculations

Social Security uses the US Treasury Department exchange rate (https://www.fiscal.treasury.gov/reports-statements/treasury-reporting-rates-exchange/current.html ) for calculating WEP. Treasury Dept. rates are only updated quarterly, so you are not subject to day to day fluctuations while your WEP is...
by exPenn
Mon Aug 19, 2019 12:10 am
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Re: Case Studies: Social Security, WEP, and CPP

formerpatriot: 6 months sounds about right. Like most governments, US departments operate in silos that don't share information. Change of citizenship is one of the things listed in https://www.ssa.gov/pubs/EN-05-10077.pdf, page 11. To make changes on your SS profile you have to submit a form SS-5 (...
by exPenn
Wed Aug 14, 2019 6:51 pm
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Re: Case Studies: Social Security, WEP, and CPP

I believe you are misreading that article. It was written for an American audience and it assumes that if you are receiving a “private” pension, it comes from employment with an American private company and you paid Social Security taxes on the income from that employment. On the other hand, if you ...
by exPenn
Wed Aug 14, 2019 3:32 pm
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Re: Case Studies: Social Security, WEP, and CPP

formerpatriot: From your previous posts, I can see that you are in a similar situation as me and my wife. If you have not applied for SS yet, here are some tips: 1) Start early. Our experience was a 4 month odyssey through the twists and turns of SS bureaucracy too numerous to relate here. 2) SS wil...
by exPenn
Wed Aug 14, 2019 9:39 am
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Re: Case Studies: Social Security, WEP, and CPP

Can't see how. Don't think private messaging has been enabled on this forum.
by exPenn
Tue Aug 13, 2019 6:21 pm
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Re: Case Studies: Social Security, WEP, and CPP

As far as I know, a Canadian company pension would contribute to WEP. Note that there is a maximum dollar amount for WEP (https://www.ssa.gov/planners/retire/wep-chart.html ), so even if you have a large company pension plus CPP, WEP cannot totally wipe out your SS benefit. I just found this website...
by exPenn
Tue Aug 13, 2019 8:33 am
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Re: Case Studies: Social Security, WEP, and CPP

To answer your questions: 1) Actually its not the Tax Treaty. There is a separate US-Canada Social Security Agreement (https://www.ssa.gov/international/Agreement_Pamphlets/canada.html#monthly ). You need at least 10 years of earnings under Social Security to get an SS benefit. If you have less than...
by exPenn
Sat Aug 10, 2019 7:57 am
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Re: Case Studies: Social Security, WEP, and CPP

Andreww: For a more accurate estimate, I suggest you use the Social Security online calculator with WEP ( https://www.ssa.gov/planners/retire/anyPiaWepjs04.html ). It takes a bit of work because you have to manually enter your SS earnings record. If you are still working, you will need to estimate a...
by exPenn
Fri Aug 09, 2019 10:49 am
Forum: Canada / United States Tax & Accounting
Topic: Case Studies: Social Security, WEP, and CPP
Replies: 17
Views: 3200

Case Studies: Social Security, WEP, and CPP

My wife is an ex USC (renounced in 2013) who has lived in Canada since 1987. She recently applied for her US Social Security, (and my Spousal Benefit) and because she has been receiving her CPP since last year, she was subject to WEP. During this process, I learned some surprising things about how S...
by exPenn
Thu Jun 13, 2019 12:19 pm
Forum: Canada / United States Tax & Accounting
Topic: Covered expatriate income tax
Replies: 3
Views: 847

Re: Covered expatriate income tax

As stated in the instructions, it is income TAX, not income.
by exPenn
Wed Apr 03, 2019 4:11 pm
Forum: Canada / United States Tax & Accounting
Topic: Old age security with Roth income
Replies: 18
Views: 2195

Re: Old age security with Roth income

Now I can't find the reference. I know I read last year on a government of Canada website that if you had less than 40 years of residency in Canada at age 65, and if you deferred starting your OAS, then the deferred time (up to 5 years) would first be applied to your residency until you reached 40 y...
by exPenn
Wed Apr 03, 2019 12:52 pm
Forum: Canada / United States Tax & Accounting
Topic: Old age security with Roth income
Replies: 18
Views: 2195

Re: Old age security with Roth income

Regarding whether it is worth deferring the start of OAS from age 65 to age 70: If you would receive the full OAS at age 65, waiting until 70 would increase your OAS by 36%, i.e. 7.2% per year. However, to receive the full OAS requires 40 years of Canadian residency after age 18. If you have less th...