CPP in USA, Currency IRS

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Danielle105
Posts: 11
Joined: Fri Jan 13, 2017 9:13 am

CPP in USA, Currency IRS

Post by Danielle105 »

I am a Canadian citizen, US permanent resident. I just started receiving CPP.

The 1st check came in USD. The 2nd check came in CDN$. I anticipate that eventually I will receive these in USD, with direct deposit. I will call Canada Service before cashing that CDN$ check.

Anyone know what numbers get reported to the IRS? (I was hoping everything would be paid and reported in USD, however I have no information to verify that.) That check in CDN$ kind of muddles things up a little.
nelsona
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Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: CPP in USA, Currency IRS

Post by nelsona »

You will be the one reporting the income to IRS, in USD on your 1040, as if it were Social security benefits. You will do the same for another type of Cdn income you get. it is your responsibility to do this correctly.

Service Canada typically sends payments to US residents in USD, I don't know why they switched on this one, check with them, and get it straightened out for the future. You will get an NR4, in CAD in any event, the check in USD is merely a courtesy; officially, you are getting $XXX Cdn every month.
You will likely have to cash that check, rather than have another one issued to you. Be sure no Cdn taxes are being withheld on these payments, since these are not taxable by Canada for US residents.


Btw, remember to inform Social security that you are receiving Cdn CPP, as this may impact your Social security benefit.
nelsona non grata. Non pro. Please Search previous posts, no situation is unique as you might think. Happy Browsing :D
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