Client receives a Polish pension and 10% withheld for taxes.
Can anyone tell me if any portion of this pension is exempt?
You should probably enquire with the Polish consulate.
Your polish client should be able to produce the document related to her retirement income.
From my Polish client, it was taxable income in Poland as well as Canada.
Fill in a foreign income slip :
Currency: OTH
Exchange rate: .3249 (2021 avg.) don’t know for 2002 yet.
Foreign country: Poland
In amount column fill in:
Pension income total (in polish currency) -
Foreign tax paid:(in polish currency)
in total column: you’ll see CND$ values
Form T2209 will auto populate to establish federal foreign tax credit.
Check for tax treaties on the CRA site - they are listed by country…Social Security arrangements by country. Klaus
Yes, seems proper , i wasnt sure if there was anything else to consider re Polish pension. I wiklk check tax treaty
Thank you
I have several Polish clients. The exchange rate for 2022 is 0.3251. The sheet from the consulate should show the amount received and taxes paid to Poland. I claim the pension as income and the taxes as foreign taxes paid. This has been reviewed several times at my firm and I’ve never had any problems.
Is this the 2022 year-end rate or year average? Seems high from what I’ve seen on exchange history for 2022.
That’s the official number I have
Interesting.
Where did that official information come from?
Both of these currency converter sites suggest 0.2927 average exchange for 2022.
It’s from my tax software. Some others are: USD - 1.3013, UK - 1.6076, EU - 1.3696, IND - 0.0166, AUS - 0.9034, for example.