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posted Sep 17, 2024 10:38:45 AM

Treatment of Social Security seems to be wrong

I just got reassessed by RevCan. I receive US Social Security ( lets say $2000/ year) no US taxes withheld. In the section Additional Deductions  two amounts are shown:  the $2000 in Other Income and Deductions and $300 in 15% exempt portion of above making a total of $2300. According to RevCan only the 15% portion is allowed and in reviewing the tax rules I agree. Consequently I received a reassessment of close to $300. I am not complaining just suggest you fix it for 2024.

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Moderator
Sep 18, 2024 10:35:25 AM

Is this how you entered it on your tax return? Enter on line 11500 of your return: the amount from box 016 of your T4A slips and box 31 of your T3 slips. the gross amount of U.S. Social Security benefits that you received in Canadian dollars.

 

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