USA - Canada Totalization Agreement Questions

[AndrewA87]

Hi, I am Canadian/American (dual citizenship) living in the state of Georgia - USA.

1) If I apply for CPP (Canadian Pension Plan) and OAS(Old Age Security) under Totalization Agreement with Canada do I need to file a FBAR (FinCEN 114)?

2) Will I need to report any income from my CPP and OAS to Georgia separately?

3) Other than reporting my CPP and OAS where I enter my SSA-1099, is there any other forms or places that require it to be reported?

Thanks!

[pk]

@AndrewA87 , I am not sure I understand  your question  -- missing antecedents.

The totalization agreement is for the purpose of allowing participants  to pay to ONLY one  country    viz.  if an American citizen  is domiciled  and employed in Canada,  he can choose  ( under the totalization agreement between US and Canada ) to pay to only one country.  Obviously that means downstream he will have to choose to  get benefits  from one country ( either because he contributed to  that SSA system and/ or because  he  transferred contributions from the other system).

Is this what you are talking about ?

[AndrewA87]

Sorry for the confusion.

I guess what I am trying to understand what is required of me reporting wise once I sign up to receive my Canadian pension that  the USA - Canada Totalization Agreement allows me to have since I worked in Canada before immigrating to the USA.

I know I sign up for this when I apply for my Social Security retirement benefits.  What I want to know if I have any income tax reporting responsibilities like Georgia state income taxes or any federal income tax reporting once I start receiving my Canadian pesnsion.

Thanks!

[pk]

@AndrewA87 , sorry for my confusion.

In general , when  you receive  govt. pension ( like Social Security or similar) , it is taxed  ONLY by the "source" country.  This is despite the "saving clause" which allows each country to  follow/ administer  its own tax rules.

Please read  Article  XVIII  para 5 of the  US Canada tax treaty ---->  CANADAWEB.PDF

 I will come back on this  -- need to refresh my memory about the  US -Canada  tax treaty  ( the most recent version --2008/09 ).   

pk

[AndrewA87]

I got my information by searching for "canada us totalization agreement" and"canada us totalization agreement income taxes".

It appears to be an agreement that United States and Canada have that combines government retirement plans so a person who worked in Canada and USA can combine government retirement benefits.

My understanding there is an agreement to avoid double taxation where both government retirement benefits are taxed only by the country where the person resides permanently.