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Question: Disability annuity from the US - is it taxable in Canada?

If I am receiving a disability annuity from the US, and report it as income on my Canadian tax return, do I get an offsetting deduction under the Canada/US tax treaty? Or is it fully taxable?

Answer: I was able to find a number of different things to look at at this web site:

http://www.cra-arc.gc.ca/menu-e.html

You can put the words "annuity income" in the search box and get a number of pdf files. The first one happens to mention an increase in the exclusion for RRIF and other Canadian annuities from $1000 to $2000.

Without knowing your situation, it would be hard to comment further, but you can browse the topics that come up in the search to see what applies to you.

(Keep in mind that most countries give special treatment to "foriegn source income", and annuities are not considered income at all, usually. They are technically something that you receive in trade for payments that you've made, just like you would get a product or service in trade for payment. So it's not an income, it's a purchase. Annuities become taxable usually when your income crosses a certain line, not because they're taxable, but because they've benefited you in addition to other income sources.)

Wiley CPA Exam Review 2013, Regulation $35.22 Everything today's CPA candidates need to pass the CPA ExamPublished annually, this Regulation volume of the comprehensive four-volume paperback reviews all current AICPA content requirements in regulation. Many of the questions are taken directly from previous CPA exams. With 3,800 multiple-choice questions in all four volumes, these study guides provide all the information candidates need to mas...

Paying for College Without Going Broke, 2013 Edition (College Admissions Guides) $11.69 The only annual college financial aid guide with line-by-line instructions for completing the FAFSA and CSS PROFILE aid forms!As seen in USA TODAY, the Wall Street Journal, Money, and the Los Angeles Times, Paying for College Without Going Broke will help you:     • Calculate the actual costs of college    • Increase your chances of receiving aid    • Compare aid offers and ...

J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return $12.96 America's number one bestselling tax guide offers the best balance of thoroughness,organization, and usabilityFor over half a century, more than 39 million Americans have turned to J.K. Lasser foreasy-to-follow, expert advice and guidance on planning and filing their taxes. Written by ateam of tax specialists, J.K. Lasser's Your Income Tax 2013 includes all theoutstanding features that have made t...

100% Exclusion of Small Business Capital Gains

The Internal Revenue Code has contained a provision that allows individual taxpayers to exclude 50% of the gain they realize from the sale of qualifying small business stock.

How to Complete a 1040A Tax Form : 1040A Lines 10-15 Overview

Question: How to determine 2006 Taxable Income from CSA 1099R?

How to determine 2006 Taxable Income amount from CSA 1099R?
Keep in mine a portion of the Gross Annuity Amount on the 1099R was use to pay back Federal Workers’ Compensation because that person is now receiving OPM (Office of Personnel Management) Federal Disability Pension.

Answer: The amount in box 2a.

Who pays tax on disability benefits?

Dear Tax Talk, I am listed as "payee" for my two sons, ages 14 and 16, for Social Security disability benefits due them from their father's disability benefits. The 16-year-old started his taxpaying career in 2009 by taking a part-time job.

Wiley CPA Exam Review 2013, Regulation $35.22 Everything today's CPA candidates need to pass the CPA ExamPublished annually, this Regulation volume of the comprehensive four-volume paperback reviews all current AICPA content requirements in regulation. Many of the questions are taken directly from previous CPA exams. With 3,800 multiple-choice questions in all four volumes, these study guides provide all the information candidates need to mas...

Paying for College Without Going Broke, 2013 Edition (College Admissions Guides) $11.69 The only annual college financial aid guide with line-by-line instructions for completing the FAFSA and CSS PROFILE aid forms!As seen in USA TODAY, the Wall Street Journal, Money, and the Los Angeles Times, Paying for College Without Going Broke will help you:     • Calculate the actual costs of college    • Increase your chances of receiving aid    • Compare aid offers and ...

J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return $12.96 America's number one bestselling tax guide offers the best balance of thoroughness,organization, and usabilityFor over half a century, more than 39 million Americans have turned to J.K. Lasser foreasy-to-follow, expert advice and guidance on planning and filing their taxes. Written by ateam of tax specialists, J.K. Lasser's Your Income Tax 2013 includes all theoutstanding features that have made t...

New Relationship Between AARP and Fitness Guru Leslie Sansone Makes Exclusive Savings Available to AARP Members

Relationship helps AARP's nearly 40 million members save on Leslie Sansone's Walk at Home fitness DVD offerings and online Walk Club memberships

Estate and Trust Administration For Dummies $8.25 Executing an estate or a trust fund is a big responsibility. Estate & Trust Administration For Dummies contains advice for handling estates and trusts of any size. It offers solid pointers on reading and interpreting a will and other documents, and helping heirs avoid paying too much (or too little). It also shows you how to take care of a loved one's estate in the event that a will or trust was ...

Estate and Trust Administration For Dummies (For Dummies (Business & Personal Finance)) $17.27 Your plain-English guide to administering an estate and/or trustAs more and more of the population reach senior ages—including baby boomers, many of whom do not have wills—an increasing number of people are being thrust into the role of executor, administrator, personal representative of an estate, or trustee of a trust after the death of a loved one. This updated edition of Estate & Trust Adm...

Estate Planning: A Plain English Guide to Wills and Trusts $7.99 Are you among the 50 percent of American adults who do not yet have a will? For many of us, busy day-to-day lives often result in putting the crucial process of estate planning precariously on the back burner. In fact, if you don’t have a clear, considered plan, government treasurers and probate attorneys may just have the ultimate say on your estate. Estate Planning: A Plain English Guide to Wi...

Estate Planning to Be a Major Niche This Year

The Senate s failure to decide what to do about the estate tax is bound to open up more demand for estate planners this year.

Estate Planning : Estate Planning Documents

Question: Can someone help my grandmother with a question she has on an annuity?

Right now, she has a lump sum in a Genworth annuity that is only returning about 4%. Any money she takes out now is taxable (it was non-taxable going in). Is there a way to transfer the balance or at least the priciple to another higher yielding annuity? What kind of fees or penalties would she be looking at? Is there another investment that may have a higher yield? Who can answer her questions... because I am clueless.

Answer: Annuities (in general) stink.

She will only be taxed on her earnings coming out. There is a 1035 exchange she can make to avoid the taxes now. There may be a redemption fee with Genworth.

Genworth is the only reliable place to find out about the exit fee. For an "exchange" for a lower fee alternative... Call Vanguard, Fidelity or T. Rowe Price.

Vanguard, Fidelity or T. Rowe Price have annuities that cost less and have many mutual funds to choose from (with different levels of risk).

These things are sold as a "tax advantage"... but in general they don't work out that way.

Wiley CPA Exam Review 2013, Regulation $35.22 Everything today's CPA candidates need to pass the CPA ExamPublished annually, this Regulation volume of the comprehensive four-volume paperback reviews all current AICPA content requirements in regulation. Many of the questions are taken directly from previous CPA exams. With 3,800 multiple-choice questions in all four volumes, these study guides provide all the information candidates need to mas...

Paying for College Without Going Broke, 2013 Edition (College Admissions Guides) $11.69 The only annual college financial aid guide with line-by-line instructions for completing the FAFSA and CSS PROFILE aid forms!As seen in USA TODAY, the Wall Street Journal, Money, and the Los Angeles Times, Paying for College Without Going Broke will help you:     • Calculate the actual costs of college    • Increase your chances of receiving aid    • Compare aid offers and ...

J.K. Lasser's Your Income Tax 2013: For Preparing Your 2012 Tax Return $12.96 America's number one bestselling tax guide offers the best balance of thoroughness,organization, and usabilityFor over half a century, more than 39 million Americans have turned to J.K. Lasser foreasy-to-follow, expert advice and guidance on planning and filing their taxes. Written by ateam of tax specialists, J.K. Lasser's Your Income Tax 2013 includes all theoutstanding features that have made t...

Financial, agriculture, educational services: VAT exemption proposed

ISLAMABAD (January 03 2010): The Provincial Value Added Tax (VAT) Bill 2010 has proposed VAT exemption on supply of financial services, supply of educational services and services relating to land provided it is to be used for agricultural purposes.

Dion Gouws CPA Diego La Jolla Tax preparation Office.3gp