Collecting CPP early -
i was wondering if you knew if i could apply now to start my cpp as i will be turning 60 in nov/07-- i am now presently living in washington and working there. i stopped working in canada in dec /2000. thanks you for your reply
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david ingram replies:
You may apply to collect your Canadian CPP at age 60 whether youlive in the US or Canada You will receive 30% less than if you started at 65. That workls out o about 6% less per year that you collect the pension early.
Apply online at http://www1.servicecanada.gc.ca/en/isp/common/rtrinfo.shtml
Personally, I elected not to take early CPP and have not applied now that I am 65. My reasoning is that I do not need it now so if I can keep on contributing, it will only get larger and i can apply any time in teh next five years. When i am not working, I owuld rather have the larger amount than a smaller amount now for life. If I die early, that is my loss but i would rather have 30% more five years from now tahn 30% less for the same ten years and then life. I am going to live to 145 after all.
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Therefore, if an email is not answered in 24 to 36 hours, it
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This is not intended to be definitive but in
general I am quoting $800 to $2,800 for a dual country tax return.
$800 would be one T4 slip one W2 slip one or two
interest slips and you lived in one country only - no self employment or rentals
or capital gains - you did not move into or out of the country in this
year.
$1,000 would be the same with one rental
$1,200 would be the same with one business no
rental
$1,200 would be the minimum with a move in or out
of the country. These are complicated because of the back and forth foreign tax
credits. - The IRS says a foreign tax credit takes 1 hour and 53
minutes.
$1,500 would be the minimum with a rental or two in
the country you do not live in or a rental and a business and foreign tax
credits no move in or out
$1,600 would be for two people with income from two countries
$2,800 would be all of the above and you moved in
and out of the country.
This is just a guideline for US / Canadian
returns
We will still prepare Canadian only (lives in
Canada, no US connection period) with two or three slips and no capital
gains, etc. for $150.00 up.
With a Rental for $350
A Business for $350 - Rental and business likely
$450
And an American only (lives in the US with no
Canadian income or filing period) with about the same things in the same range
with a little bit more if there is a state return.
Moving in or out of the country or part year
earnings in the US will ALWAYS be $800 and up.
TDF 90-22.1 forms are $50 for the first and $25.00
each after that when part of a tax return.
8891 forms are generally $50.00 to $100.00
each.
18 RRSPs would be $900.00 - (maybe amalgamate a
couple)
Capital gains *sales) are likely $50.00 for
the first and $20.00 each after that.
Just a guideline not etched in
stone.
This from "ask an income trusts tax and immigration expert"
from www.centa.com or www.jurock.com or www.featureweb.com. David Ingram deals on a daily
basis with expatriate tax returns with multi jurisdictional cross and
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