Canadian receiving support payments from US.

moi · Post by **moi** » Sat Mar 22, 2014 11:54 am

As a Canadian resident, receiving alimony payments from the USA...do I have to claim all payments rec'd, or just the amount that I actually bring over to Canada.? Right now, my payments go to my us bank account, and I withdraw as needed. And if so, what method of conversion do I use, when the bank rate changes daily?
Lastly, is there anything specifically I should know, that the average girl just isn't thinking of at this point. Thanks..

nelsona · Post by **nelsona** » Sat Mar 22, 2014 12:30 pm

The fact that you leave them in a bank in US does not change their taxability.

Alimony form US is taxed only in Canada , however, it does not tax the portion related to child support.

rlb · Post by **rlb** » Sat Mar 22, 2014 2:38 pm

If you withdraw large amounts only once or twice a year, use the exchange rates on those days. If you withdraw frequently during the year, use the Bank of Canada average rate for the year. The converter for a particular day in the last 10 years is here: http://www.bankofcanada.ca/rates/exchan ... converter/, and the annual averages in in this document: http://www.bankofcanada.ca/stats/assets ... a-2013.pdf. The US average in 2013 was 1.02991480; I am using 1.03. So for example, if you withdrew a total of USD 20,000 in 2013, declare CAD 20,600 on your T1.

rlb · Post by **rlb** » Sat Mar 22, 2014 2:39 pm

Oops. The forum software included the comma and period after those links as part of the link, so you can't click on them directly. Copy only the part up to the comma or period.

moi · Post by **moi** » Fri Apr 04, 2014 9:53 am

thank you.