Reply
Contributor

Strategy to Draw both U.S. Social Security and Canadian CPP

I am a dual U.S. / Canadian Citizen residing in the  U.S. retired, age 66yrs,+2mths. As a Canadian I worked my first 29yrs. in Canada and my final 18yrs. residing and working in the U.S. for a U.S. employer. Will I be able to collect both U.S. SS and Canada Pension in full based on my years working in both countries, or will the U.S. SS be reduced by a % of my Canada CPP I am receiving?Any specific information would be appreciated. I have not applied for either pension and need to fully understand my options so I can implement the best plan to maximize my pension funds. Any specific website links relating to this subject would be appreciated.

 

Thank you in advance.

0 Kudos
1,169 Views
4
Report
Gold Conversationalist

so, I mentioned the Canadian forum. I happened to be browsing through there just now for some family business. Came across a very recent thread about CPP and US Social Security. Long thoughtful discussion

 

https://www.financialwisdomforum.org/forum/viewtopic.php?f=30&t=121687

 

 

 


@r592971s 

 


 

0 Kudos
1,028 Views
1
Report
Gold Conversationalist

This looks good too

Forum run by accounting company that handles cross-border issues

 

https://forums.serbinski.com/viewforum.php?f=2

0 Kudos
1,019 Views
0
Report
Gold Conversationalist

GailL has directed you to one very important site.

 

two sites of particular interest and help for you may be:

 

www.bogleheads.com .. US forum for investments, personal finance, etc, and there are expats and dual-citizens who have posted similar questions

 

https://www.financialwisdomforum.org/forum/ Canandian forum affiliated with bogleheads. Many members belong to both forums. There's lot of discussion with cross-border issues. I have made use of this myself.

 

 

Also, consider that the US is one of the few (the only?) countries in the world that taxes its citizens regardless of residence: a US citizen living in Canada (or any other country) must pay US taxes and file a US return. There are tax treaties with many countries so that there is some comity and some credit back and forth so in most cases the tax payer is not unduly burdened (other than filing returns). This rule has come as a surprise to some Canadians who might have US citizenship via a parent but who otherwise have never set foot in the US; this has happened when the IRS has gone after these people once they cross the radar (such as entering the US on travel)

 

 


@r592971s wrote:

I am a dual U.S. / Canadian Citizen residing in the  U.S. retired, age 66yrs,+2mths. As a Canadian I worked my first 29yrs. in Canada and my final 18yrs. residing and working in the U.S. for a U.S. employer. Will I be able to collect both U.S. SS and Canada Pension in full based on my years working in both countries, or will the U.S. SS be reduced by a % of my Canada CPP I am receiving?Any specific information would be appreciated. I have not applied for either pension and need to fully understand my options so I can implement the best plan to maximize my pension funds. Any specific website links relating to this subject would be appreciated.

 

Thank you in advance.


 

0 Kudos
1,065 Views
0
Report
Honored Social Butterfly

Begin your info gathering here -

 

Social Security Administration - International Programs: Totalization Agreement with Canada

 

 

 

It's Always Something . . . . Roseanna Roseannadanna
0 Kudos
1,161 Views
0
Report
cancel
Showing results for 
Show  only  | Search instead for 
Did you mean: 
Users
Announcements

Try the new AARP Perks browser tool! Get timely reminders about AARP resources, discounts, and other member benefits as you browse online. Install AARP Perks now.

AARP Perks

Members Can Play More

Membership unlocks free online games and puzzles including classic Atari Games. Join today for just $12 per year with Automatic Renewal.

AARP Membership

AARP Rewards

Activate AARP Rewards to earn points for games, quizzes and videos. Redeem for deals and discounts. Get started with AARP Rewards now!

AARP Rewards Badge

Music and Brain Health

From soft jazz to hard rock - discover music's mental, social and physical benefits. Learn more.

Music and Brain Health