Search found 106 matches
- Thu Jan 19, 2023 7:37 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US SS if Canadian Resident
- Replies: 3
- Views: 945
Re: US SS if Canadian Resident
Just one quibble about your statement that you report 85% of your US SS on your Canadian return. Actually, you report 100% of your US SS as Pension Income on line 11500 of the T1 General Tax Return. This is included in your Net Income at line 23600. It is only then that you can subtract 15% of your ...
- Mon Dec 12, 2022 12:13 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Filing for Social Security ... spouses pension?
- Replies: 7
- Views: 4625
Re: Filing for Social Security ... spouses pension?
Qualify for what? The honest answer is yes. Your CPP (not OAS or other pension) would be considered foreign social security. In any case, your CPP should have no effect on his Social Security. HIS CPP and any company pension he receives will lower his Social Security because of the 'Windfall Elimina...
- Wed Jun 01, 2022 11:42 am
- Forum: Canada / United States Tax & Accounting
- Topic: US Social Security deposit to US vs Canadian bank
- Replies: 26
- Views: 25418
Re: US Social Security deposit to US vs Canadian bank
Both my wife and I receive our monthly SS payments in CAN$, converted at the market exchange rate, direct deposited into our TD checking accounts with no extra fees.
- Wed May 25, 2022 3:30 pm
- Forum: Canada / United States Tax & Accounting
- Topic: US Social Security deposit to US vs Canadian bank
- Replies: 26
- Views: 25418
Re: US Social Security deposit to US vs Canadian bank
Another advantage of having your SS benefit direct deposited to a Canadian Bank. If you choose to receive your benefit in Canadian Dollars, it will be converted at the market exchange rate for that day. If you receive it in US dollars, and convert it yourself, the bank will typically take about 3% f...
- Tue Apr 28, 2020 11:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadians with SSN filing for stimulus check.
- Replies: 10
- Views: 5458
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...
- Tue Apr 28, 2020 4:35 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Canadians with SSN filing for stimulus check.
- Replies: 10
- Views: 5458
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 ...
- 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: 3384
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...
- Mon Aug 19, 2019 12:10 am
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
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 (...
- Wed Aug 14, 2019 6:51 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
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 ...
- Wed Aug 14, 2019 3:32 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
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...
- Wed Aug 14, 2019 10:40 am
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
Re: Case Studies: Social Security, WEP, and CPP
formerpatriot:
Go ahead.
Go ahead.
- Wed Aug 14, 2019 9:39 am
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
Re: Case Studies: Social Security, WEP, and CPP
Can't see how. Don't think private messaging has been enabled on this forum.
- Tue Aug 13, 2019 6:21 pm
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
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...
- Tue Aug 13, 2019 8:33 am
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
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...
- Sat Aug 10, 2019 7:57 am
- Forum: Canada / United States Tax & Accounting
- Topic: Case Studies: Social Security, WEP, and CPP
- Replies: 27
- Views: 30054
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...