New Member

Is the Philippine pension income I received in 2020 taxable? Does the tax convention with the Philippines apply to this income?

Level 2

Seniors and students

Thank you for your question!


As per CRA:

Line 11500 - Pensions from a foreign country

Note: Line 11500 was line 115 before tax year 2019.

If you received a pension from another country, report in Canadian dollars your gross foreign pension income received in the year. Use the Bank of Canada exchange rate in effect on the day you received the pension. If you received the pension at different times during the year, use the average annual rate. The average monthly rate and the daily rate are available by visiting the Bank of Canada website.

Attach a note to your paper return identifying the type of pension you received and the country it came from. In some cases, amounts you receive may not be considered pension income and you may have to report it at a different place on your return.

If there is a tax treaty with the country your pension is from, you can claim a deduction on line 25600 for the part of your foreign pension income that is tax-free in Canada.

If you paid foreign taxes on your pension, you may be able to claim a foreign tax credit when you calculate your federal and provincial or territorial taxes (see line 40500). Do not subtract the taxes from your income when you report it.


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