CANADA PENSION PLAN FUNDS

MJTREMEL · Post by **MJTREMEL** » Tue Feb 03, 2015 1:33 pm

I am a Canadian who has lived in the US since 1999. I have not filed Canadian taxes since I left. My husband is now 62 is and receiving Canada pension once a month. do we need to claim this as income on our 2014 taxes.

nelsona · Post by **nelsona** » Tue Feb 03, 2015 1:52 pm

Yes. He should be having 15% Cdn tax withheld by the pension manager and you should report the entire amount on your 1040, and claim the 15% as a credit on form 1116.

Is he getting his CPP and OAS yet?

nelsona · Post by **nelsona** » Tue Feb 03, 2015 1:55 pm

Sorry. Is this "Canada pension" a company pension or CPP?

If it is CPP he should not pay Cdn tax on it, and he reports it on his 1040 EXACTLY like Social security. It will then be taxed the way social security is taxed.

When he gets SS, he will need to tell them so that they reduce his SS.

MJTREMEL · Post by **MJTREMEL** » Tue Feb 03, 2015 2:06 pm

Canada pension is the government pension plan that we pay into while working in Canada.

nelsona · Post by **nelsona** » Tue Feb 03, 2015 2:36 pm

So, no tax in canada should be taken, and report as SS on 1040.