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TonyC11
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- Posted Re: Is my British pension taxable in Canada? on Seniors and students. 3 weeks ago
- Posted Re: Yes! By tax treaty between Canada and the UK, any Pension... on Seniors and students. May 9, 2021 1:49 PM
- Posted Re: Will my tuition fees raise a red flag? on Seniors and students. May 9, 2021 9:30 AM
- Posted Re: In the first 60 days of 2021 I contributed about 10K to my RSSP to only to found out I exceed 2020 limit by 4K, can only use 6K for 2020 and the excess for 2021 ? on Seniors and students. May 9, 2021 5:39 AM
- Posted Re: Unused tuition and education amounts from previous years 15,392.34 Where does this number come from and am I able to use the $5000.00 maximum as a deduction as a parent? on Seniors and students. May 8, 2021 2:13 PM
- Posted Re: Yes! By tax treaty between Canada and the UK, any Pension... on Seniors and students. May 8, 2021 11:57 AM
- Posted Re: Yes! By tax treaty between Canada and the UK, any Pension... on Seniors and students. May 8, 2021 4:59 AM
- Posted Re: Yes! By tax treaty between Canada and the UK, any Pension... on Seniors and students. April 25, 2021 1:28 PM
- Posted Re: Yes! By tax treaty between Canada and the UK, any Pension... on Seniors and students. April 25, 2021 1:02 PM
- Got Cheered for It is because you wee showing Working Income Tax Benefit.... April 22, 2021 1:51 PM
- Posted Re: My wife is not living in canada and dose not have sin on After you file. April 6, 2021 1:19 PM
- Got Cheered for Enter her SIN as 000-000-000. Report yourself as Married,.... April 6, 2021 12:57 PM
- Posted Re: Yes! By tax treaty between Canada and the UK, any Pension... on Seniors and students. February 3, 2021 1:31 PM
- Posted Re: Yes! By tax treaty between Canada and the UK, any Pension... on Seniors and students. February 3, 2021 1:29 PM
- Got Cheered for Enter her SIN as 000-000-000. Report yourself as Married,.... April 10, 2020 12:51 PM
- Got Cheered for Yes, your fee is considered a business service, but you a.... March 15, 2020 12:35 PM
- Got Cheered for These items are referred to in the T4A notes as "premiums.... March 7, 2020 7:16 PM
- Got Cheered for In your example you will have a total available amount of.... February 29, 2020 10:38 AM
- Posted No such amount. Do you mean the $2000 overcontribution al... on Seniors and students. October 31, 2019 11:10 AM
- Posted Like I say it worked fine with me, borh my wife and I fo... on Filing. October 31, 2019 6:08 AM
3 weeks ago
Yes, Foreign pension amounts are considered when calculating the Pension Credit. Bear in mind maximum credit is only $2000.00 This is a trifling amount unchanged since 2006. Complain. also this buys you only $300 maximum federal tax paid,, and it is none-refundable.
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May 9, 2021
1:49 PM
If you are referring to the up to $2000 Pension credit, yes foreign pensions including UK pensions are eligible amounts toward this credit. They are also eligible for Pension Splitting.
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May 9, 2021
9:30 AM
There should be no issue so long as you were provided with valid T2202 by your school. CRA should have a copy of this also. You will report the Tuition amount from box 26 on your slip.
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May 9, 2021
5:39 AM
If your 2020 Deduction Limit was $6000, that’s the maximum you can deduct, from 2020 income, full-stop. Any further contribution will show up as an undeducted contribution on your 2020 Notice. It will also be an excess contribution, and will exceed the allowed $2000 amount that CRA permits without penalties. You can withdraw all or some of the excess ( you must notify CRA) or let it ride, deduct it in 2021 and accept penalties.
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May 8, 2021
2:13 PM
Firstly,Tuition is a non-refundable credit, not a deduction. Big difference. Secondly, can you transfer Tuition credit from previous years to a parent? No you cannot. Only tuition credit earned from the current tax year ( ie 2020 filing year) can be transferred . Your carried forward tuition credit can only be used by you the taxpayer. If you cannot use it. It gets carried forward to the next tax filing year. ( ie 2021).
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May 8, 2021
11:57 AM
It is referred to as Personal Amount by CRA and has a 2021 value of $13229, rising to $15000 in 2 years. If you are Resident in Canada for tax purposes you get this credit, regardless of any pension, foreign or local.
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May 8, 2021
4:59 AM
If you are referring to the up to $2000 Pension credit, yes foreign pensions including UK pensions are eligible amounts toward this credit. They are also eligible for Pension Splitting.
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April 25, 2021
1:28 PM
By treaty with the UK, recurring pensions are not taxed where they arise, and are always taxable in. Canada by CRA.
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April 25, 2021
1:02 PM
Yes, In fact your foreign pension MUST be included. In the amount considered for pension splitting. CPP, OAS and GIS cannot be included.
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April 6, 2021
1:19 PM
Kim, your answer is very complete and accurate. My answer is brief for reasons of simplicity. it also reflects the CRA training advice, as in almost all cases partners with non-resident spouses would be unable to meet the stringent justification to obtain spousal credit in those circumstances.
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