To report your foreign pension income in Wealthsimple Tax:
For U.S. Social Security or Medicare:
- Enter your income under the U.S. Social Security or Medicare heading
- Wealthsimple Tax will automatically claim your line 25600 deduction
For other foreign pension income:
- Report the income in the table under Other foreign pension income
- You can claim a deduction on line 25600 or a foreign tax credit in this table
Important notes:
- "Other foreign pension income" includes pensions from countries other than the U.S. or different types of U.S. pension income
- Always enter the amounts as they appear on your foreign pension statements
- Convert foreign currency amounts to Canadian dollars using the appropriate exchange rate
Remember to report all foreign pension income to ensure accurate tax calculations.
If you have questions about reporting foreign pension income or currency conversion for tax purposes, consider consulting with a tax expert. If you need assistance entering this information in Wealthsimple Tax, please contact Wealthsimple support.
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