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p= "A Family Tradition for 128 Years" Filling out American tax forms From Page 12 vice by June 15 of the fol- lowing year. This form de- tails the number of days spent in the United States, as well as the fac- tors that contribute to their closer connection with another country. What you should know about foreign pensions Canadian residents who receive Social Security from the U.S. will notice a difference in their cheque this month. As of 1996, Uncle Sam will be taking his cut before the cheque reaches its destination. The new agreement be- tween Canada and the U.S. provides for 25.5 per cent tax being withheld by the I.R.S. on all Social Se- curity payments made to Canadian residents who are not U.S. citizens. U.S. citizens are re- quired to file U.S. tax re- turns regardless of where they live so will not be sub- ject to this withholding tax. They could, however, be required to pay tax on this income when they file their U.S. return. All foreign pensions re- ceived by Canadian resi- dents must be reported on their income tax return, then, depending on the agreements with each in- dividual country, they could be fully taxable, par- tially taxable or not taxa- ble at all in Canada. They will however always affect any calculations that are based on 'Net Income, namely: Ontario Tax Credit, G.S.T. credit, age amount, medical expens- es, O.A.S. clawback, Guar- anteed Income Supple- ment and any transfer of unused credits between spouses. Any tax withheld by a foreign country can not be recovered if the income on which it was charged is classed as being non taxa- ble in Canada by virtue of a tax treaty. The U.S. So- cial Security as of January 1996 will fall into that cat- egory. However, if you are a taxpayer who is married to a U.S. Citizen you may be able to recover some of the tax withheld from the I.R.S. by electing to file a joint U.S. return. Courtesy of, H&R Block, Port Perry You can only claim this exception if you have spent less than 183 days in the United States in the current year and do not have a green card. 2. Claim Treaty Exemp- tion If you cannot meet the "closer connection excep- tion," you may still be ex- empt from being taxed as a U.S. resident by virtue of the provisions of the Cana- da-United States Tax Treaty. The treaty sets out a number of tests for deter- mining whether a person is a resident of one country or the other for tax purpos- es. If you meet the tests for Canadian residency, you will be able to claim treaty exemption. To claim the ACCOUNTING SERVICES Betty Penny, Principal Accountant Patrick Fortune, Assoc. Accountant 180 Mary St., Port Perry Ontario LIL 1C4 Phone (905) 9850712 Toll Free 1°800°699°6190 Fax (905) 985-9461 treaty exemption, you must file a U.S. tax return (Form 1040ONR) and at- tach to it a copy of Form T8833 in which you would explain why the treaty ap- plies to you. The deadline for filing is June 15 of the following year. Where To Get The American Tax Forms e U.S. Tax Return (Form 1040ONR) available from the U.S. embassy and consulates * Closer Connection Ex- ception (Form 8840) avail- able from the IRS (Inter- nal Revenue Service) "Have A (IVI ST: ) Vise dl CRVTER: ] ECR CRUE Ng - Computerized Accounting Training, (Accpac Plus, Simply Business Visions, Quickbooks & Lotus) , - Management Consulting - Part-time Controllership - Personal & Corporate Taxes - Temporary Bookkeepers - New Business Set-Ups - Mobile Service - Competitive Rates Will yo» business be affected by the fiscal year-end change? Find out about the income tax consequences from H&R Block. We can help you. Because it's your money. 174 Perry St., Port Perry 985-9803 H:R BLOCK THE INCOME TAX SPECIALISTS e Treaty Exemption (Form T8833) available from the IRS You can speak directly with the IRS office in Can- ada at (613) 563-1834. Courtesy of, Richardson Greenshields, Oshawa ROBERT J. 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