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rdemick54
New Member

I just moved to Canada, I am a permanent resident, I also am retired and collect social security which gets deposited in my I S bank account what do I need for my taxes

 
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2 Replies

I just moved to Canada, I am a permanent resident, I also am retired and collect social security which gets deposited in my I S bank account what do I need for my taxes

Permanent resident of US or Canada, your question is not clear.  What about citizenship?

 

 

Generally, as a US citizen or green card holder (permanent US resident), you are required to file a US tax return and pay US tax on all your world-wide income, no matter where you are living.   You may also be required to pay tax in Canada.  However, they are most likely not allowed to tax your US social security due to tax treaty provisions.  And if they tax other income (like a pension or IRA withdrawals), you can usually claim an offsetting credit or deduction on your US return.

 

There are some variations, please let us know if you hold US citizenship or a green card.

@pk

 

rjs
Level 15
Level 15

I just moved to Canada, I am a permanent resident, I also am retired and collect social security which gets deposited in my I S bank account what do I need for my taxes

A U.S. citizen who is a resident of Canada does not pay U.S. tax on Social Security benefits. I don't know whether you have to pay Canadian tax on the benefits, but I would assume so.


In TurboTax for your U.S. tax return you enter the Social Security benefits from your Form SSA-1099 normally, the same as you would if you were living in the United States. After you enter the SSA-1099 you will come to a screen that asks whether you are a U.S. citizen living in one of the countries where your Social Security benefits are exempt from U.S. tax. If you answer Yes the benefits will be excluded from the taxable income on your U.S. tax return. The wording of the question might change for 2025 because it seems to have caused some confusion for 2024, but TurboTax will have a way to handle the exemption. Read the screens carefully.

 

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