15% tax on my Canadian company pension -

My_question_is: Canadian-specific
Subject:        15% tax on my canadian company pension
Expert:         taxman at centa.com
Date:           Monday January 29, 2007
Time:           01:49 PM -0500
QUESTION:
I live in the US and my company pension from Canada is sent each month minus
15% that appears to be a Canadian Government tax grab. Is there anyway to
recover this money? and, if not, can I have my pension paid into a Canadian
bank to avoid this tax?
-----------------------
david ingram replies:
The 15% is a legislated deduction under Article XVIII of the US Canadian Tax
Convention (Treaty).
It does not matter if it is paid into a Canadian, American or Ethiopian
bank.
The pension should then be reported on your US return and you can claim the
tax paid to Canada as a foreign tax credit on form 1116.
If your income is very low, you can try and get a partial refund (your total
annual World income would have to be less than $11,000 to get it all back)
by filing a Canadian tax return under Section 217.  This would include any
US social Security, US wages, US interest, US dividends, etc.
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