Search found 71 matches

by Canadian Newbie
Tue Feb 13, 2024 6:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

Thanks Nelsona. I was not aware that I was exempt from tax on the OAP similar to my US Social Security. Will report as you stated. Regarding the GIS that I collect, I will not report it on my Canadian and US returns since it is not taxable for Canadian and therefore not taxable for US under the trea...
by Canadian Newbie
Tue Feb 13, 2024 6:59 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

Thanks Nelsona. I was not aware that I was exempt from tax on the OAP similar to my US Social Security. Will report as you stated. Regarding the GIS that I collect, I will not report it on my Canadian and US returns since it is not taxable for Canadian and therefore not taxable for US under the trea...
by Canadian Newbie
Tue Feb 13, 2024 6:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

Thanks Nelsona. I was not aware that I was exempt from tax on the OAP similar to my US Social Security. Will report as you stated. Regarding the GIS that I collect, I will not report it on my Canadian and US returns since it is not taxable for Canadian and therefore not taxable for US under the trea...
by Canadian Newbie
Tue Feb 13, 2024 12:59 am
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

Thanks to the great replies, I know how to proceed with my Wife's application for OAP. At this point, I wish I had delayed my app for OAS. Oh well. I am preparing my returns for 2023 and have one last question. I am a dual citizen living in Canada. If I am reading the treaty correctly, I report the ...
by Canadian Newbie
Thu Mar 30, 2023 6:58 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

Thanks for the info. I decided not to wait until I turned 70 due to health reasons. Each year I live past 70 I realize I will lose money. Actually it is probably more like 73 because it will take three years to catch up for the money I did not receive from 65-70. You are correct in that I am receivi...
by Canadian Newbie
Tue Mar 28, 2023 6:02 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

I applied for OAS a little over six months before I turned 65. I was 64. I had been a full time resident for almost exactly five years when I applied. Since I was living in Canada when I applied and was to receive OAS while I was a Canadian resident, I believe I only needed credits from my US Social...
by Canadian Newbie
Mon Mar 27, 2023 9:41 pm
Forum: Canada / United States Tax & Accounting
Topic: T1135 and Term life insurance
Replies: 8
Views: 2228

Re: T1135 and Term life insurance

Jonhello wrote: > Jonhello wrote: > > I recently became a Canadian resident for tax purposes. I have a US TERM life > insurance policy. Do I need to file it on the T1135 as it is only a term policy? > > I have searched far and wide and so far I haven't found a answer to this question. > Nelson, woul...
by Canadian Newbie
Mon Mar 27, 2023 9:24 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

formerpatriot wrote: > By OAP do you mean OAS, the Old Age Security pension? > > My understanding is that the OAS pension will not affect your US Social > Security benefits. It's the CPP (Canada Pension Plan) that would cause a > reduction of your US Social Security benefit via the WEP. > > But do n...
by Canadian Newbie
Mon Mar 27, 2023 9:20 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Re: Canada OAP and US Social Security

Thanks. That is what I thought after researching it but I was not sure since my previous US Social Security credits factored into my Canadian OAS benefit.
by Canadian Newbie
Sat Mar 25, 2023 8:27 pm
Forum: Canada / United States Tax & Accounting
Topic: Canada OAP and US Social Security
Replies: 29
Views: 62543

Canada OAP and US Social Security

Sorry if this has been asked before. For some reason my search function does not seem to be working. After two long years, Canada Service has determined I qualify for OAP. They used some of my US Social Security wages to qualify me for OAP. My question is, does this OAP reduce my Social Security ben...
by Canadian Newbie
Sat Mar 25, 2023 8:16 pm
Forum: Canada / United States Tax & Accounting
Topic: T1135 and Term life insurance
Replies: 8
Views: 2228

Re: T1135 and Term life insurance

Could you elaborate on your determination that your accounts in Questrade which is supposedly Canadian based are required to be disclosed on the T1135?
by Canadian Newbie
Tue Nov 22, 2022 4:20 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 7187

Re: US Social Security income reporting on Form 1040

Thanks again. I now understand your approach to the 8833. I will file it going forward. It never hurts to file a form on a protective basis.
by Canadian Newbie
Mon Nov 21, 2022 4:27 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 7187

Re: US Social Security income reporting on Form 1040

What income thresholds are they? I never saw them on the 8833 instructions and they are not in the Regs. I have not filed the Form 8833 for either the SS issue nor for my US interest that is resourced. Should I amend for the past three years and include the 8833? As I said, I am looking at penalties...
by Canadian Newbie
Mon Nov 21, 2022 12:07 am
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 7187

Re: US Social Security income reporting on Form 1040

Thanks for responding. I have not filed the 8833 in the past. Should I file amended with the 8833 or just file it going forward? I am afraid of penalties at this point. I did not think that the 8833 was needed when it came to resourcing. The following are exceptions to filing under the Regs. I thoug...
by Canadian Newbie
Fri Nov 18, 2022 11:11 pm
Forum: Canada / United States Tax & Accounting
Topic: US Social Security income reporting on Form 1040
Replies: 15
Views: 7187

Re:

nelsona wrote: > The absolute correct way is to re-source the income. > > However, this issue affects seniors, and is typically the only treaty > related issue they have ever encountered, IRS ALWAYS accepts the simple way > of zero-ing out 20b. You can skip the 8833. IRS can figure it out. Make > su...