My_question_is: Both question: I'm a 63-year old Canadian citizen who lived in Canada until age 13, then lived/worked in U.S. with green card until age 43, then moved back to Canada permanently. From a statement I received from U.S. Social Security, I'll get $1178/month when I turn 66, or less if I take it earlier. Though I've looked extensively online, I do not know if the U.S. will hold back anything for taxes or if I just convert it to Canadian dollars and it gets added to the wee income I'll get from CPP, OAS and a pension from work here in Canada and gets taxed here? Can you tell me?
DAVID INGRAM REPLIES:
Your social security will be added to line 115 of your Canadian return. It is NOT taxed in the USA.
15% of the amount can be deducted on line 256 of the return so you only pay tax on 85%.
It also qualifies for the $2,000 pension income deduction.
You can find most of this in the government T1 guide you get at the post office.
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CEN-TA Cross Border Services - Tax, Visas, Immigration
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