Re: UK Pension
 

This is not quite true. You do get an RRSP tax receipt and deduct this from taxable income on your tax return.

However, before you start celebrating, you have to add the transfer into taxable income so there is a net zero effect.

Re: UK Pension
 

I had to go into the bank to get a copy of mine for the tax return, because they didn't send me one.

Re: UK Pension
 

Thanks for the info guys, is there a legal requirement to declare this then?

Re: UK Pension
 

It is not so much that it is a legal requirement (though it is) but that if you don't do it then you can be storing up all sorts of problems for yourself in the future. e.g.

* the CRA might notice that you have more money in your RRSP account than you have ever earned contribution room for and fine you for over-contributing
* the CRA might re-assess the amount transferred in as taxable income
* the CRA might decide that, having found one error on your ax return they will have good dig around to see if they can come up with any more.

Re: UK Pension
 

Thanks again, and I guess if it all works out in the wash anyway, no real reason not to declare it :-)
I am never in any danger of over contributing though haha

Re: UK Pension
 

We got a tax receipt called a 60J I think...

Re: UK Pension
 

Was there any other reason why you waited so long apart from wanting to see whether you would stay or not? I saw someone else saying on here that you have to wait for at least 5 years once you move out of the UK to get the best deal on pension transfer. Cant remember what exactly they said but it was something along the lines of avoiding taxes or something :confused:

Re: UK Pension
 

I don't believe the time you transfer it matters, but you get a huge tax bill from the UK if you withdraw the money from the RRSP within X years of leaving the UK (I think it's 5, but may be 10).

But, yeah, I suspect most of us waited until we were sure we weren't going back. Plus the value of my pension fund plunged soon after moving here and only passed its previous value last year.

Re: UK Pension
 

As noted, you have to add the amount of the transferred UK pension into income. Paragraph 60(j) of the Income Tax Act allows you to deduct the amount contributed to the RRSP if it is the proceeds of a pension earned when you were not a Canadian (tax) resident. The RRSP slip should make some reference to 60(j).