Looking for QROPS personal finance expert
May 31st 2017, 5:28 pm
#91
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Looking for QROPS personal finance expert
Yep, These were the instructions that my advisor provided about filing and were followed:
"For the amount of the transferred value of the UK Pension, put this figure on line 115 (other pensions or superannuation) and then also place this figure on line 232 (other deductions) . Then complete a schedule 7 . On the schedule 7 there is a line where you can show this figure was from a transfer. It is important that this is shown to have been from a transfer."
"For the amount of the transferred value of the UK Pension, put this figure on line 115 (other pensions or superannuation) and then also place this figure on line 232 (other deductions) . Then complete a schedule 7 . On the schedule 7 there is a line where you can show this figure was from a transfer. It is important that this is shown to have been from a transfer."
May 31st 2017, 6:25 pm
#92
BE Forum Addict
Joined: Oct 2008
Location: Near the Northern Lights
Posts: 1,466
Re: Looking for QROPS personal finance expert
This is what the CRA has said on their re-assessment.
Line 256 of the tax return:
- Under the Canada-UK Income Tax Treaty, as amended, periodic pensions (including pensions paid from public funds) that arrives from the UK and are paid to a Canadian resident are taxable only in Canada. Therefore, you are not eligible for a deduction since the pension income you received is tax-exepmt only in the UK.
Line 208 of the tax return/Line 245 of Schedule 7:
We have adjusted your claim for the RRSP/PRPP deductions from *lower amount* to *higher amount* for the following reason(s):
- To match the amount not he receipts you provided
Jun 4th 2017, 12:48 am
#93
BE Forum Addict
Joined: Oct 2008
Location: Near the Northern Lights
Posts: 1,466
Re: Looking for QROPS personal finance expert
Thanks JonboyE.
This is what the CRA has said on their re-assessment.
Line 256 of the tax return:
- Under the Canada-UK Income Tax Treaty, as amended, periodic pensions (including pensions paid from public funds) that arrives from the UK and are paid to a Canadian resident are taxable only in Canada. Therefore, you are not eligible for a deduction since the pension income you received is tax-exepmt only in the UK.
Line 208 of the tax return/Line 245 of Schedule 7:
We have adjusted your claim for the RRSP/PRPP deductions from *lower amount* to *higher amount* for the following reason(s):
- To match the amount not he receipts you provided
This is what the CRA has said on their re-assessment.
Line 256 of the tax return:
- Under the Canada-UK Income Tax Treaty, as amended, periodic pensions (including pensions paid from public funds) that arrives from the UK and are paid to a Canadian resident are taxable only in Canada. Therefore, you are not eligible for a deduction since the pension income you received is tax-exepmt only in the UK.
Line 208 of the tax return/Line 245 of Schedule 7:
We have adjusted your claim for the RRSP/PRPP deductions from *lower amount* to *higher amount* for the following reason(s):
- To match the amount not he receipts you provided
Jun 4th 2017, 1:45 am
#94
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Jun 4th 2017, 2:20 am
#95
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Joined: Oct 2008
Location: Near the Northern Lights
Posts: 1,466
Jun 4th 2017, 8:43 pm
#96
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Looking for QROPS personal finance expert
The easiest way is to set up My Account My Account for Individuals. You can then go online and request that your return is adjusted and reassessed.
Jun 6th 2017, 4:38 pm
#97
Just Joined
Joined: Jun 2017
Location: comox bc
Posts: 22
Re: Looking for QROPS personal finance expert
New to this forum but glad I discovered it. Just as I was about to bring across my UK pension pot they change the ROPS rules. More than frustrating as the exchange rate was over $2.00 when I started the process.
Slightly tangential to ROPS transfers but now that I have been prevented from transferring my UK DC pension to Canada my question is this
How would my pension pot (in the UK at present)be treated on death here in Canada.
If it was part of an RRSP over here it would form part of the estate and be liable for tax.
Under the new pensions freedoms in the UK it is not taxable at all if under age 75 and then only at the marginal rate if older than 75.It is a flexi drawdown pension so would monthly payments to my spouse and yearly income from it be declared annually to the CRA and be taxed appropriately or would the whole pot value be assessed and taxed ala an RRSP.
Slightly tangential to ROPS transfers but now that I have been prevented from transferring my UK DC pension to Canada my question is this
How would my pension pot (in the UK at present)be treated on death here in Canada.
If it was part of an RRSP over here it would form part of the estate and be liable for tax.
Under the new pensions freedoms in the UK it is not taxable at all if under age 75 and then only at the marginal rate if older than 75.It is a flexi drawdown pension so would monthly payments to my spouse and yearly income from it be declared annually to the CRA and be taxed appropriately or would the whole pot value be assessed and taxed ala an RRSP.
Jan 29th 2018, 1:23 am
#98
BE Enthusiast
Joined: Jul 2008
Location: Toronto
Posts: 534
Re: Looking for QROPS personal finance expert
A bit more evidence on this one:
UK pension trustees must 'urgently review' overseas transfer procedures as HMRC suspends notification list
Rather annoyingly, the link the the HMRC guidance note is broken.
Also:
https://home.kpmg.com/xx/en/home/ins...-2015-081.html
UK pension trustees must 'urgently review' overseas transfer procedures as HMRC suspends notification list
Rather annoyingly, the link the the HMRC guidance note is broken.
Also:
https://home.kpmg.com/xx/en/home/ins...-2015-081.html
https://www.gov.uk/guidance/overseas-pensions-stop-being-a-qrops
Your scheme members won’t have to pay an unauthorised payments charge for their transfers if you received it before your scheme lost its QROPS status.
Jan 29th 2018, 3:30 pm
#99
Seasoned Maritimer
Joined: Jun 2005
Location: Fredericton, New Brunswick CA
Posts: 8,309
Re: Looking for QROPS personal finance expert
Dragging this one back to life, HMRC have finally made it clear that people who transferred into schemes that are no longer QROPS before those schemes lost their status will not suddenly have to pay the unauthorized transfer charge:
https://www.gov.uk/guidance/overseas...-being-a-qrops
https://www.gov.uk/guidance/overseas...-being-a-qrops
Jan 29th 2018, 4:02 pm
#100
BE Forum Addict
Joined: Oct 2008
Location: Near the Northern Lights
Posts: 1,466
Re: Looking for QROPS personal finance expert
Dragging this one back to life, HMRC have finally made it clear that people who transferred into schemes that are no longer QROPS before those schemes lost their status will not suddenly have to pay the unauthorized transfer charge:
https://www.gov.uk/guidance/overseas...-being-a-qrops
https://www.gov.uk/guidance/overseas...-being-a-qrops
