Tax advise UK pension into RRSP?
Mar 25th 2017, 10:41 pm
#1
Just Joined
Thread Starter
Joined: Mar 2017
Location: Ontario
Posts: 4
Tax advise UK pension into RRSP?
We did our tax returns today and they seemed confused by the J60 form that we got from our financial institution, from the monies we transferred from UK pensions to our RRSP in 2016; sounds like we just got under the wire! We aren't sure if we can get a tax credit from this money or if they will try and get extra tax from us, has anyone got any advise? Getting mixed messages from online searches also?
Mar 25th 2017, 10:55 pm
#2
BE Forum Addict
Joined: Jul 2014
Posts: 1,232
Re: Tax advise UK pension into RRSP?
If it's a transfer from a UK tax sheltered investment to a RRSP in Canada you cannot claim a tax credit. Your only benefit from the Canadian RRSP is that income earned within the RRSP account is tax sheltered.
Mar 25th 2017, 11:07 pm
#3
Just Joined
Thread Starter
Joined: Mar 2017
Location: Ontario
Posts: 4
Re: Tax advise UK pension into RRSP?
Thank you that's what we suspected but its good to know. Sounded to good to be true if we could get a kick back lol!!
