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Zark
Joined: 12 May 2003
Location: Phuket, Thailand: Look into my eyes . . .
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 Posted: Mon Apr 10, 2006 6:12 pm Post subject: Happy Pension Refund Story . . . |
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Just got mine.
Read the sticky at the top of this board, follow the instructions - and really quite easy to do.
Happy to report mine is in my account actually several days BEFORE they said it would be. |
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peppermint
Joined: 13 May 2003
Location: traversing the minefields of caddishness.
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| Posted: Mon Apr 10, 2006 7:40 pm Post subject: |
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| Just curious, did your home country charge you taxes on the money? |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Tue Apr 11, 2006 4:28 am Post subject: |
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How can your home country charge you taxes?
Pension is sort of like a tax. You get that as a refund when you leave. It was taken out of your salary...while in Korea hopefully you filed as a non-resident of your country.
So again, how can they tax this? It isn't income, it's a refund. |
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Zark
Joined: 12 May 2003
Location: Phuket, Thailand: Look into my eyes . . .
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| Posted: Tue Apr 11, 2006 4:56 am Post subject: |
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As I got the money this year - I will need to claim it when I file next year. But - due to the US$80,000 exemption for Americans (which I won't exceed as I am doing teacher training in Thailand) - no problem!
Just wanted people to know that things do work correctly sometimes! |
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plattwaz
Joined: 08 Apr 2005
Location: <Write something dumb here>
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| Posted: Tue Apr 11, 2006 3:28 pm Post subject: |
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| Mr. Pink wrote: |
How can your home country charge you taxes?
Pension is sort of like a tax. You get that as a refund when you leave. It was taken out of your salary...while in Korea hopefully you filed as a non-resident of your country.
So again, how can they tax this? It isn't income, it's a refund. |
In Canada - and I do suspect most countries - pension contributions are taken from your gross income, that is, non-taxed income. It is therefore in a way, a "tax shelter." When you are retired and on a lower income, you will go into this pension fund, and remove the money. At that time you will be on a lower income than when you deposited it, and you will pay less income tax on your money than you would have if you had just kept the money when you earned it.
Pension refund is NOT a tax refund. Tax refunds are overpayments being returned to you, and as a result can not be taxed. Pension income has never been taxed before, hence it can be taxed.
Pep - when I got my refund the Cdn gov't didn't tax it, but I haven't filed a tax return since I started working in Korea, so it's not been declared.  |
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