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adamousacom, CPA, PFS, QFP, CGMA
Category: Canada Tax
Satisfied Customers: 2884
Experience:  CPA, Dual Citizen US and canada
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I have Canadian investments of $11635 and UK pension of $46838.

Customer Question

I have Canadian investments of $11635 and UK pension of $46838. total 58475
Pension paid in UK of $5869.
I am a widow of 76 years of age. Pay property taxes of $3340 per year.
Very simply what tax should I be paying in Canada
Submitted: 2 years ago.
Category: Canada Tax
Customer: replied 2 years ago.
It should read: Tax paid in the UK of $586 - not Pension paid in the UK
Customer: replied 2 years ago.
Typed it wrong again. It should be $5869 not 586. Sometimes it is the
keyboard and sometimes me!!
Expert:  adamousacom replied 2 years ago.
That depends on what country you are a resident of.
Expert:  adamousacom replied 2 years ago.
If you are a UK resident then no
Customer: replied 2 years ago.
What do you mean no? I am a Citizen of the UK and my pension is paid net of tax. But it has to be added to my Canadian investment to pay tax in Canada. I live in Canada
Expert:  adamousacom replied 2 years ago.
Sorry. I misunderstood. I thought you were a UK citizen.
when you say investments do you mean income generated from these investments?
Or is that the amount of the total investment?
Customer: replied 2 years ago.
I have already responded to a questions from "adamousacom"
Please do not charge me twice - as I seem to be getting nowhere with this.
Customer: replied 2 years ago.
I am still a UK citizen but a resident in Canada. I pay tax in the UK and also Tax in Canada on the interest generated from my investments. On my tax returns, have to declare my UK income and my Canada income (from interest on investments)Is this correct?
Customer: replied 2 years ago.
CRA add both incomes together and then charge me tax. Is this correct?
Expert:  adamousacom replied 2 years ago.
Yes but there is a tax treaty which will help you avid double taxation.
Yes but you get a credit for taxes paid in the UK and that reduces your tax bill.