gorleen

Hello, we are 3 pensioners emigrating to Alberta from the UK in a couple of months time. Our son has sponsored us in the Family Class category. We would like to know the best way of getting our State Pensions transferred to our bank account in Canada that would give us the best return. Another thing we would like to know a bit more about is health insurance for our first 3 months. As we are not people of means, any advice would be welcome. Do we arrange the insurance from the UK end or the Canadian side?
Thank you to anyone who can help us with these enquiries.
Gordon and Eileen.

bats

Can't help you on the best way your get the money over but a couple of things. You do mean transferring you UK poension that will be paid weekly or whatever. There is no way to transfer a state pension in a lump sum. Do you realise that the UK pension will be frozen at the rate you start drawing when you live in Canada? If you go back to the UK on vacation or pop down to the USA you can get the jncreased rate for the time you are in thosr countries but once yiu are back in Canada it goes down again.

gorleen

Thanks Bats, yes we are aware of what happens to our pensions once we leave the UK and that we cannot "lump sum" it. I guess we shall have to use a Currency Exchange specialist, like Moneycorp. Which probably is not too bad a thing.

Thanks again, Gordon.

CDNReturner

I'm keeping my UK Bank account so that I can lump sum it over at a better rate when the time comes.

Of course, I'm assuming I can arrange to have it put into a UK account.

Novocastrian

I'm not certain about this, but I believe you can have it paid directly into your bank account abroad. Possibly this is only true for EU residents but someone may know more.

Also, I think I'm right in saying that there's no waiting period for provincial health cover in Alberta. Again someone else will confirm/deny.

Simon Legree

My UK State Pension is deposited directly into a Canadian bank account in Canadian dollars. You just have to tell the folks at Tyne Park the name of your bank, the branch address and the sorting and SWIFT codes. You can get all this information from your bank. Job done. Easy.
Even if you don't export the funds from the UK you still have to declare it on your Canadian Income Tax Return. The feds know that you will be eligible for such a pension from you immigration paperwork and will be watching to see if you declare it.

CDNReturner

Oh, I claim everything to the point of ridiculousness (so others tell me). Dad used to be an Inland Revenue auditor. I wouldn't be able to sleep otherwise.

gorleen

Sounds like an idea. Thank you.

gorleen

Thank you, I've looked at Moneycorp and it appears you get a better rate with currency exchange specialists than banks. I'm too assuming I can keep my UK bank a/c. I'm nearly 70 and thought I'd seen the last of Income Tax forms.....

gorleen

Happily my son has been filling in Canadian Tax forms for several years now, I'm hoping he will show me how.....

PMM

Hi



Immigrants are covered from day 1 in Alberta with Alberta Medical Service Plan.

Aviator

You are liable for tax on the gain from when you receive it to when you exchange it to CAD, so this limits the benefit.

Aviator

Would not be worth it for small amounts. Open something like a VIP account with Royal Bank, seniors get a discount. You get a premium on the FX and can deposit a UK cheque from your UK bank into your CAD account at a time of your choosing.

gorleen

Thank you, we didn't know that. Does that also apply to the Alberta Health Coverage For Seniors Plan where they subsidise part of your medication costs?
Gordon.

gorleen

Thank you, I'll bear that in mind.