Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Oct 30, 2019 10:57:49 PM

Is any part of the Netherland foreign pension tax-free in Canada - Line 256 deduction?

0 1 4389
1 Replies
Level 13
Oct 30, 2019 10:57:51 PM

You will report your pension under your Income tab,Tslips then Foreign Income.

But because of the tax treaty Canada has with the Netherlands, you will not be double taxed. Therefore you will claim a Foreign Tax Credit.

Apply for the FTC -in your "Find" icon at the top of the page, type in "Foreign Tax Credit" which will open the form needed to apply for this credit, if applicable.

You can claim a foreign tax credit for the taxes that you paid in the Netherlands. The foreign tax credit will be the lesser of two amounts:

  • The income tax you paid on the foreign country
  • The Canadian tax payable on the foreign source of income

If needed From TurboTax - How do I report foreign income, foreign pension, and other foreign amounts? https://turbotax.community.intuit.ca/replies/2647976

For reference - Canada & Netherland Tax Treaty https://bit.ly/2YjZMqO