How do I report a one-time lump sum payment from a USA pension plan?

 

Seniors and students

This would be reported under the Income tab – Tslips- Foreign Income.

Assuming it’s an IRA, apply it in the appropriate box (before or after 1996) as well as the foreign taxes paid. Which in turn apply a foreign tax credit (because we have a tax treaty with the USA to avoid double taxation) on line 25600 of your tax return.

 

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