A pension question
Nov 7th 2013 | 6:31 pm
#16
BE Forum Addict
Joined: Aug 2006
Posts: 3,124
Re: A pension question
Canada allows persons to maintain residence in more than one country as long as certain things tie them to Canada that deem them resident (link above) and that they continue file & report world income.
At the end of the day if folks can stand the hassle, travel & put up with rocking back & forth & feel its worth doing - then why not, it can give you the best of both worlds.
At the end of the day if folks can stand the hassle, travel & put up with rocking back & forth & feel its worth doing - then why not, it can give you the best of both worlds.
and when war beaks out certainly not the best of both worlds
http://fullcomment.nationalpost.com/...cue-thyselves/
Nov 7th 2013 | 9:40 pm
#17
Dichotomus tinker
Joined: Aug 2013
Posts: 6,700
From: Ontario, Canada
Re: A pension question
we found that out a few years ago didn't we?
and when war beaks out certainly not the best of both worlds
http://fullcomment.nationalpost.com/...cue-thyselves/
and when war beaks out certainly not the best of both worlds
http://fullcomment.nationalpost.com/...cue-thyselves/
good info in that link, particularly one comment "citizens of convenience is both right and wrong"
For the OP it can be as convenient as a person wants it to be, or for residency & tax purposes....
Canada
http://www.cra-arc.gc.ca/tx/nnrsdnts...s/dmd-eng.html
UK
http://www.hmrc.gov.uk/international/residence.htm
The statutory residence test
http://www.statutoryresidencetest.co.uk/
Last edited by not2old; Nov 7th 2013 at 10:53 pm.
Nov 9th 2013 | 5:02 pm
#18
Retired
Joined: Apr 2004
Posts: 34,646
Re: A pension question
I can only imagine if folks are rich enough they can maintain residence by having two owned properties (one in each country - something as simple as a cottage or a chalet for example) or live with one of their children in one country or one of each in both countries or maintain only one owned or rented home in one of the countries ... many other possibilities or combinations of that. It just takes a bit of imagination or whats best for each individual.
Canada allows persons to maintain residence in more than one country as long as certain things tie them to Canada that deem them resident (link above) and that they continue file & report world income.
Depending on which province folks live while in Canada they get to maintain provincial health coverage by being in the country 183 days per year, otherwise loss of health care.
Additional qualifying social security payments (if folks meet the criteria) such a GIS or allowance will paid while out of the country for 6 consecutive months.
On the UK side, maintaining residence & declaring & filing world income & tax returns a person would get to keep any indexed pension, winter fuel allowance, free travel pass, NHS, and in some cases Attendance allowance will continue depending on how long they are out of the country & where they have gone to. All legal above board - just let DWP, HMRC & Inland Revenue know what they are doing & when they do it.
Depending on which province folks live while in Canada they get to maintain provincial health coverage by being in the country 183 days per year, otherwise loss of health care.
Additional qualifying social security payments (if folks meet the criteria) such a GIS or allowance will paid while out of the country for 6 consecutive months.
On the UK side, maintaining residence & declaring & filing world income & tax returns a person would get to keep any indexed pension, winter fuel allowance, free travel pass, NHS, and in some cases Attendance allowance will continue depending on how long they are out of the country & where they have gone to. All legal above board - just let DWP, HMRC & Inland Revenue know what they are doing & when they do it.
It's understood that a dual Canadian/British citizen who divides time between both countries may be able to retain social benefits in both countries. However this would normally mean filing tax returns in both countries and also timing absences carefully, since residence for tax purposes and healthcare/social security is not always defined the same way.
Of course on UK domicile & inheritance tax, there is the possibility of moving to another EEA country (Malta or Ireland are ones that come to mind) after being back in the UK 183 days
Anyone with assets above the Inheritance Tax threshold should take professional advice on this subject before contemplating resuming residence in the United Kingdom.
Nov 10th 2013 | 6:49 am
#19
Dichotomus tinker
Joined: Aug 2013
Posts: 6,700
From: Ontario, Canada
Re: A pension question
on post #15, #17 & #18
with a little imagination
http://www.telegraph.co.uk/finance/p...it-expats.html
.................................................. .................................................. .................................
Disclaimer: Comments posted by me on this thread are for entertainment purposes only and are not intended as advice.
Folks should seek professional, financial or legal advice in matters pertaining to pensions, tax or residency
with a little imagination
http://www.telegraph.co.uk/finance/p...it-expats.html
.................................................. .................................................. .................................
Disclaimer: Comments posted by me on this thread are for entertainment purposes only and are not intended as advice.
Folks should seek professional, financial or legal advice in matters pertaining to pensions, tax or residency
Last edited by not2old; Nov 10th 2013 at 7:33 am.
