The Tax Questions Blog

Posts Tagged ‘taxable pensions annuities’

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Question: I'm younger than 55, are periodic distributions received from the pension of a deceased relative taxable?

Answer: yes

How to Retire Happy, Fourth Edition: The 12 Most Important Decisions You Must Make Before You Retire $10.88 The Washington Post and New York Times Business Bestseller “Everyone in the workforce today should read this book!”—HORACE B. DEETS, FORMER EXECUTIVE DIRECTOR, AARP “Want excellent insights on retirement planning from a professional who’s actually experienced retirement himself? You’ll get just that from Stan Hinden’s book.”—STEVE VERNON, COLUMNIST, CBSMONEYWATCH.COM Award-winni...

State and Local Pensions: What Now? $21.00 In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even ...

The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between $8.97 A timeless approach to investing wisely over an investment lifetimeWith the recent market maelstrom as a background, this Wall Street Journal bestseller describes just how to plan a lifetime of investing, in good times and bad, discussing stocks and bonds as well as the relationship between risk and return.Filled with in-depth insights and practical advice, The Investor's Manifesto will help you u...

Head of little-known agency is a $1-million man

There are a lot of B.C. public servants who earn six-figure salaries -- more than 13,000 of them, in fact.

Will my retirement pension be taxable in Spain?

Question: i have UK pension income in Canada-is it Taxable?

Answer: Article 17(1) of the Canada/UK Tax Treaty states:

"Pensions arising in a Contracting State and paid to a resident of the other Contracting State who is the beneficial owner thereof shall be taxable only in that other State."

So if you are a Resident of Canada, YES, a UK pension is taxable in Canada. Report it on Line 115:

"Pensions from a foreign country
Report in Canadian dollars the gross amount of your
foreign pension income in 2008. See “How do you report
foreign income and other amounts?” on page 13. Attach a
note to your paper return identifying the type of pension
you received and the country it came from. In some cases,
amounts you receive may not be considered pension
income, and you may have to report them elsewhere on
your return."

How to Retire Happy, Fourth Edition: The 12 Most Important Decisions You Must Make Before You Retire $10.88 The Washington Post and New York Times Business Bestseller “Everyone in the workforce today should read this book!”—HORACE B. DEETS, FORMER EXECUTIVE DIRECTOR, AARP “Want excellent insights on retirement planning from a professional who’s actually experienced retirement himself? You’ll get just that from Stan Hinden’s book.”—STEVE VERNON, COLUMNIST, CBSMONEYWATCH.COM Award-winni...

State and Local Pensions: What Now? $21.00 In the wake of the financial crisis and Great Recession, the health of state and local pension plans has emerged as a front burner policy issue. Elected officials, academic experts, and the media alike have pointed to funding shortfalls with alarm, expressing concern that pension promises are unsustainable or will squeeze out other pressing government priorities. A few local governments have even ...

The Investor's Manifesto: Preparing for Prosperity, Armageddon, and Everything in Between $8.97 A timeless approach to investing wisely over an investment lifetimeWith the recent market maelstrom as a background, this Wall Street Journal bestseller describes just how to plan a lifetime of investing, in good times and bad, discussing stocks and bonds as well as the relationship between risk and return.Filled with in-depth insights and practical advice, The Investor's Manifesto will help you u...

Where Centrelink and the taxman differ on super

Although the new superannuation system is simpler and better, if you get it wrong it can cost you dearly.

Debt Servicing - How to Calculate it