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holland
Joined: 02 Oct 2009
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 Posted: Wed Aug 12, 2015 11:18 am Post subject: Pension Lump Sum and The Canadian Government |
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Hi there,
I was wondering if the Canadian Government taxes your lump sum pension pay out from Korea? I was thinking that next year I might cash out my pension and go back to Canada for a year to get my Master's Degree. I would need the lump sum payment to pay tuition and live. But if the Canadian Government taxes it there may not be enough left. The lump sum payout would be over 10,000 dollars.
Thanks for your help!
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Wed Aug 12, 2015 5:41 pm Post subject: Re: Pension Lump Sum and The Canadian Government |
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| holland wrote: |
Hi there,
I was wondering if the Canadian Government taxes your lump sum pension pay out from Korea? I was thinking that next year I might cash out my pension and go back to Canada for a year to get my Master's Degree. I would need the lump sum payment to pay tuition and live. But if the Canadian Government taxes it there may not be enough left. The lump sum payout would be over 10,000 dollars.
Thanks for your help!
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If you were non-resident in Canada and resident in Korea at the time of your application for your refund then no, they do not tax it.
IF you were deemed resident in Canada at the time of your application for a refund then it is taxable (if you tell Revenue Canada about it).
There is no reporting of income sources by Korea to Canada.
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Wildbore
Joined: 17 Jun 2009
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| Posted: Sun Aug 16, 2015 10:55 am Post subject: Re: Pension Lump Sum and The Canadian Government |
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| ttompatz wrote: |
| holland wrote: |
Hi there,
I was wondering if the Canadian Government taxes your lump sum pension pay out from Korea? I was thinking that next year I might cash out my pension and go back to Canada for a year to get my Master's Degree. I would need the lump sum payment to pay tuition and live. But if the Canadian Government taxes it there may not be enough left. The lump sum payout would be over 10,000 dollars.
Thanks for your help!
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There is no reporting of income sources by Korea to Canada.
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Article 25 of the Canada-Korea tax treaty allows exchanges of information if needed for enforcement purposes. |
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ttompatz
Joined: 05 Sep 2005
Location: Kwangju, South Korea
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| Posted: Sun Aug 16, 2015 5:35 pm Post subject: |
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OK... There is no routine reporting of income sources between the two countries and NPS refunds aren't taxed so there is nothing in the tax statement to report.
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