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Pensions and tax

molly428

Hi,

We are hoping to retire in Belize. Does anyone know if the 25% withholding tax on pensions would replace income tax? I don't want Revenue Canada double-dipping.   ;)

Thanks.

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kenjee

Hello molly428 and welcome to ¾ÅÉ«ÊÓÆµ

Hope that some members will soon enlighten this important question!

Kenjee
¾ÅÉ«ÊÓÆµ Team

bmcraig

According to what Revenue Canada told us, yes, the 25% is with held as income tax.

TaunyaFaye

Same appears to be true in the US - when you cash out retirement accounts the US Gov wants their money.