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Cayman Islands Pension in Canada

Asked in Offshore (General) for Canada

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Although it is difficult to get decisive and binding information from anyone regarding the taxability of
the Cayman Islands "Pension" when when paid out in periodic lump-sums to repatriated Canadians,
I am hoping someone in this forum will be able to sort this out.

The so-called pension is a combination of compulsory contributions (from tax-free income) matched
by compulsory contributions of employers (also tax-free) and the income generated from those same
contributions (also tax-free) in Cayman.

It it not paid to a Canadian account but is paid to the Canadian's Cayman Island bank account. Should
this be reported on Canadian tax returns and thus, become taxable in Canada?

Any help would be appreciated.
Puzzled.
 
Tax Cayman Islands Canada
 
Posted by Lowtax user on Apr 21, 2013 at 22:49
 

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Answers

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It is a question of facts whether an individual is a resident of Canada. Canadian-resident individuals are subject to Canadian personal income tax on their worldwide income. On the other hand, non-resident individuals are subject to Canadian personal income tax only on their Canadian-source income.

If the Cayman Islands “pension” constitutes pension income to an individual resident in Canada, the Canadian-resident individual would be required to include the Cayman Islands “pension” in computing his/her Canadian taxable income for the year, regardless whether the “pension” is deposited in a bank account held in Canada or Cayman Island. No treaty relief can be available as there is no income tax treaty signed between Canada and Cayman Island.

Hope you find the information helpful.
 
Posted by etaxaccountant.ca on Jan 02, 2014 at 18:22
 

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Posted by EDWARDJONES12 on Sep 20, 2016 at 16:31
 

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