# 8854 and pensions



## eudorap (Feb 6, 2014)

Need help completing form 8854!

line 6 in Part V asks for pensions from services performed in the US. Does this include US Social Security?

line 7 asks for pensions from services performed outside the US. Does this include CPP (Canada Pension Plan)? OAS (Old Age Supplement)? Does it include a pension issued by the provincial government for service on a tribunal?

With respect to any persions, I assume that, since this info is under “Assets” I need to calculate a current value. Correct?

Thanks
dpender


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## Auld Yin (Mar 10, 2009)

You need to declare all pension income. Just multiply each amount received by 12 and report answer(s).


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## eudorap (Feb 6, 2014)

Auld Yin said:


> You need to declare all pension income. Just multiply each amount received by 12 and report answer(s).


To be clear that means all defined benefit pensions, US Social Security and Canada Pension Plan?


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## Auld Yin (Mar 10, 2009)

Yes, everything. It's not wise to tell lies or deliberately omit information from authorities.


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## eudorap (Feb 6, 2014)

Auld Yin said:


> Yes, everything. It's not wise to tell lies or deliberately omit information from authorities.


Thanks! I would never lie or omit anything. I just wanted clarification on what the IRS considers a pension, since there's no information on this issue in the instructions for 8854. What confused me was the reference to "services performed". What you're saying is that government pensions, both from the US (USSS) and from Canada (CPP) are pensions "for services performed." 

In terms of your answer to a previous question from me, regarding turning a pension into an asset, you said that to get the market value of a pension I should multiply the monthly amount by 12. I'm not sure this makes sense for Schedule A of Part V, which deals with assets, not income. For Schedule A, I assumed you'd have to capitalize the monthly amount in order to convert a monthly payment to an asset. 
Thanks for your assistance! I won't have to complete my 8854 in final form for some time, but want to have a handle on what the results will be.


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## Auld Yin (Mar 10, 2009)

If you're a US Citizen you may be interested in the recent announcement that the US and Canadian Governments have agreed to exchange financial information to each other. Cant find the link at the moment but apparently some Americans living here are not happy campers.


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## eudorap (Feb 6, 2014)

Auld Yin said:


> If you're a US Citizen you may be interested in the recent announcement that the US and Canadian Governments have agreed to exchange financial information to each other. Cant find the link at the moment but apparently some Americans living here are not happy campers.


I've been following the media reports on the agreement, which was signed on Feb. 5. The Globe and Mail had a front page story the next day.


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