My T1 client for 10 years just started receiving Dutch Pension. Is there any portion allowable for a deduction or anything I should know about reporting Pension from Netherlands? No tax withheld or paid in the Netherlands.
Thanks
If it is just the SVB Social Security or AOW the client should have an annual statement. It is denominated in Euros and will show the amount of pension received for the year as well as any tax withheld (in your case I note you said none).
There is no deduction or exempt amount, although the amount does qualify for the pension credit. I usually enter them on the “Foreign Income” screen. If they are receiving a war pension (former members of the resistance or a benefit for war victims) they are tax exempt… although I expect the number of these will be diminishing each year.
Thank you, Yes, it is just the SVB Social Security. I did report on the foreign income screen and pension credit is populated. Thanks for confirming.
I appreciate your time…
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