armando63

I started receiving UK work pension last year with a lump sum and now monthly payments and I am wondering if there are any tax benefits that could be claimed to reduce tax owed on this, so is it worth getting an accountant/tax specialist to do my taxes or is there no financial benefit to doing this and I do my own taxes as usual, what's other peoples experiences?

Hemlock

What sort of benefits? It is taxable, both the lump sum and monthly payments. If you have had tax deducted in the UK and get a certificate of tax paid, you would likley be able to get credit for that on you Canadian tax return and just pay any difference in tax. What other tax credits you would be eligible for on your personal circumstances, an accountant could advise you. I would steer clear of tax preparers and stick to an accountant. Mine saves me more than he costs each year.

JonboyE

You may be able to claim a pension income tax credit. It it $2,000 on line 31400 of the federal return (at 15% so worth $300). You will have to check what your province allows.

armando63

Both lump sum and monthly payments were not taxed in UK,

BristolUK

I never paid much attention to this previously. I don't recall being "asked the question" when I've doing my returns previously (I've used 3 maybe 4 different on line services) and I started to read a bit about it out of curiosity.

But then looking at the previous year's tax return, it's already accounted for and doesn't need claiming as such. I was already entering income details for an oversees pension so it includes that $2000 in the calculation, just as it includes the age tax credit.