Originally Posted by Kentonmag

Contrary to what some people say there is no Canadian CRA involvement until you actually start drawing money from the pension, whether it's still with the company or whether it has been transferred to a SIPP. The transfer of the UK Company pension into a UK SIPP has nothing at all to do with the CRA, unless you elect to take a cash option along with the transfer or you decide to start making withdrawals straight away.

Originally Posted by stokesey

Are you 100% sure about this, I’ve spent many $1,000s trying to get a definitive answer on this and no one can provide it.

Rest assured if the CRA can get their filthy hands on 40% of your transferred pension they will (unless you’re a liberal MP that is).

Originally Posted by Kentonmag

There is no difference between having it in the UK Company Pension or SIPP than having it in an RRSP in Canada in that until you draw money from it, it is tax exempt. Once you draw money from it then it becomes income and you have to declare it, and pay any due taxes.

Originally Posted by Kentonmag

There is no difference between having it in the UK Company Pension or SIPP than having it in an RRSP in Canada in that until you draw money from it, it is tax exempt. Once you draw money from it then it becomes income and you have to declare it, and pay any due taxes.

Originally Posted by eaglestorm

That’s encouraging to read re moving from a final salary pension to a SIPP. When I have some feedback from my advisor I will post here. He has clients who have done this in Canada with no issues but for my piece of mind he was going to confirm it .

Originally Posted by Kentonmag

A further update I have just had the CRA phone me up. The guy had talked to his superiors he told me that as long as it is only a switch of a UK Company pension plan into a UK SIPP, and I am not taking any money from it, then there is no tax implications or paperwork required to be filled in in Canada.