READ ME. PENSION RULES UK to Canada
Sep 2nd 2018, 4:06 pm
#106
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Re: READ ME. PENSION RULES UK to Canada
I have tried to do this twice. I dont have a problem with posting it, but I have tried and failed twice. If you think it would be helpful to have it where everyone could access it, I agree. If you PM me I will send it to you via email and you can play around with it and post it on my behalf with the disclaimers as suggested. I have never given it to anyone as legal advice and have told them our story and suggested the way forward for people. Whether they choose to do something is entirely their decision. I am upset by John boy E’s comments and I do appreciate that he has been doing this for years as a job. That We got lucky and that it wasnt to be believed and your support of his stance in telling people of his experience in these matters making me feel that you are somehow calling me a liar. Sorry, but I dont do this to gain, just to help people to understand what has happened in our case. It is in writing for CRA, I have not made this up. As I have said before, the trolls and comments on this site are worrying at times, part of the reason I stopped posting for a long time. This matter I deemed important to get out there.
please send what you have written back to me for my final approval, is all I ask
stef
please send what you have written back to me for my final approval, is all I ask
stef
Sep 2nd 2018, 10:56 pm
#107
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Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: READ ME. PENSION RULES UK to Canada
I have read this thread with interest as I have a pension currently held in the UK that pays a lump sum on retirement. I didn't pick up any hint that anyone was suggesting you were posting for any other reason than to help other people in the same position. That is the problem with things that get written, rather than spoken, its easy to misinterpret the spirit of the comment. Based on his, undoubted, extensive experience and knowledge, JonboyE believes that the CRA assessor made a mistake in your case which worked out in your favour, he may be correct, or he may not be but, for those of us following the thread the posts with the other side are as helpful (though not as encouraging) as yours have been. I didn't read his 'fill your boots' and 'you got lucky' comments to be in anyway meant as an insult but more congratulatory as having challenged the system and won.
+1
Sep 9th 2018, 8:53 pm
#109
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Re: READ ME. PENSION RULES UK to Canada
Sep 9th 2018, 9:21 pm
#110
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Re: READ ME. PENSION RULES UK to Canada
Our letter is now posted in part on the Wiki. I am not surprised that they havent got back to you. The wheels at CRA turn slowly when you are assessed as owing them......even slower if they think they may have to give anything back.
You may have to get a Lawyer. Try calling them to see if they have any record of your request for reassessment....is a starting point, I think.
Last edited by lins and Stef McLachlan; Sep 9th 2018 at 9:22 pm. Reason: typo
Sep 27th 2018, 12:42 am
#111
Forum Regular
Joined: Nov 2003
Posts: 104
Re: READ ME. PENSION RULES UK to Canada
Hi
As i understand it
there is a CRA three year time limit to claiming back over paid taxes
so best be quick applying
cheers
jerry
As i understand it
there is a CRA three year time limit to claiming back over paid taxes
so best be quick applying
cheers
jerry
Sep 27th 2018, 3:36 am
#112
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Location: SW Ontario
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Re: READ ME. PENSION RULES UK to Canada
Sep 27th 2018, 5:33 am
#113
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Re: READ ME. PENSION RULES UK to Canada
Would appreciate a link to the wiki info as well please.
Thanks
Thanks
Sep 27th 2018, 8:13 am
#114
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Joined: Oct 2007
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Posts: 34,025
Re: READ ME. PENSION RULES UK to Canada
The Wiki is above on the blue bar, there is also a link in my signature and a link in the 'Newbies Read Me' sticky thread (above). The Newbies thread would be well worth a read if you haven't done so already, will help you get used to the forum and how to use it.
HTH.
HTH.
Oct 6th 2018, 7:20 pm
#115
Just Joined
Joined: Oct 2018
Posts: 1
Has anyone else had a positive response on this issue?
I would like a copy of this as well if possible. Thank you!
I would like a copy of this as well if possible. Thank you!
Last edited by christmasoompa; Oct 6th 2018 at 9:10 pm. Reason: Posts merged - there is an edit button if you think of something you want to add just after posting.
Oct 6th 2018, 7:46 pm
#116
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Re: READ ME. PENSION RULES UK to Canada
stef
Oct 9th 2018, 5:43 pm
#118
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Posts: 1
Re: READ ME. PENSION RULES UK to Canada
I am watching this post with interest as we have a lump sum due in December. If we don't declare it, I assume there would be penalties until we prove that we are right not to?
Oct 9th 2018, 6:03 pm
#119
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Re: READ ME. PENSION RULES UK to Canada
A) if it is up to 25% Tax Free Lump Sum you dont have to declare it at all. In fact if you do, you will get a huge bill and give yourself a heart attack in the process. The act is clear about it being tax free in Canada.
B) I did contact HMRC who had no record of the lump sum because it was not subject to tax, being up to 25% tax free. So they would not be passing on any information to CRA.
Save yourself som grief and simply enjoy it. After all CRA do get 13% tax on everything you spend it on in Canada, so they dont dip out.
As an insurance Policy be sure to get a letter from your Pension Provider to keep safely tucked away in case you ever get asked about it. You might also want to make a note of the oart of my letter that explaings the Act and Section.
Your monthly pension will be taxable in Canada as Worldwide Income and should be declared, but thats not easy in itself when UK runs March to April and Canada December to December.
Hope this helps
Stef
Oct 9th 2018, 6:25 pm
#120
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Joined: Aug 2018
Location: Oakville
Posts: 20
Re: READ ME. PENSION RULES UK to Canada
I crystallized my pension early July and have deferred my 25% lump sum until I get certainty from PWC. I have been advised by my pension administrators, I have a year after the crystallization event to take the lump sum. If after a year, you lose the benefit.
