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Uk pensions in Canada

Uk pensions in Canada

Old Apr 26th 2019, 5:34 pm
  #76  
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Default Re: Uk pensions in Canada

Originally Posted by San2 View Post
Hi
I live in Alberta. Im trying to find a financial advisor who could advise on how to best transfer a uk pension to canada. Ive done extensive online searches to find a Canadian company knowledgeable in this area but have not been successful. BTW Ive read all the thread on the subject and it seems pretty hopeless. Any suggestions are most welcome TKU!

You cannot transfer your UK pension to canada, they closed the QROPS status on a lot of CDN financial institutions and so the window has closed.
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Old Apr 26th 2019, 5:48 pm
  #77  
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Default Re: Uk pensions in Canada

No ROPS for Canada yet again.. but hang in there, it will happen, it's just a matter of waiting..

https://www.gov.uk/guidance/check-th...n-list#history

If you are of an age where you can cash it out, perhaps do so and transfer it to a TFSA or RRSP - if not, hold fast

If you want an FA recommendation regardless (one who knows about ROPS should they come back again soon) I can recommend a couple.
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Old Apr 26th 2019, 5:49 pm
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Default Re: Uk pensions in Canada

Hi
I also closed my bank acct when I left the UK. What a headache it has been to get the pension (or drawdown income) to Canada. The HSBC option sounds a great way to do it. A couple of questions - 1) was there any problems setting up the international account - any special regulations to fit into? and 2) Did you find that as long as the bank account is UK based yr pension provider doesn't have a problem or policy that it is an international account? Any problems with the transfers? TKU!
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Old Apr 26th 2019, 5:50 pm
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Default Re: Uk pensions in Canada

Originally Posted by Evengers View Post



I made the mistake of closing my UK accounts when I left

Nothaving a UK address is a problem but you can work around it.

i recently accomplished this by (1) opening a bank account at HSBC in Ontario and, once that was opened, (2) having HSBC international open a HSBC UK account. I chose the « advance » account which allows me to link the UK and Canadian accounts for cost-free transfers. Once they are linked I also can see the accounts altogether on my computer, IPhone and IPad. The paperwork was onerous and the HSBC international staff were slow and sloppy but it works fine now. There are minimum requirements for monthly deposits to the UK account. (1800 or so for an « advanced » account and other amounts for other types ...
Hi
I also closed my bank acct when I left the UK. What a headache it has been to get the pension (or drawdown income) to Canada. The HSBC option sounds a great way to do it. A couple of questions - 1) was there any problems setting up the international account - any special regulations to fit into? and 2) Did you find that as long as the bank account is UK based yr pension provider doesn't have a problem or policy that it is an international account? Any problems with the transfers? TKU!
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Old Apr 26th 2019, 5:55 pm
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Default Re: Uk pensions in Canada

Originally Posted by Siouxie View Post
No ROPS for Canada yet again.. but hang in there, it will happen, it's just a matter of waiting..

https://www.gov.uk/guidance/check-th...n-list#history

If you are of an age where you can cash it out, perhaps do so and transfer it to a TFSA or RRSP - if not, hold fast

If you want an FA recommendation regardless (one who knows about ROPS should they come back again soon) I can recommend a couple.
it would be great to have the name of a smart and truthworthy advisor. The tax and close out costs on the UK side from our pension provider (sun life of canada) are incredibly high. Gaspingly so.
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Old Apr 26th 2019, 8:10 pm
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Default Re: Uk pensions in Canada

Originally Posted by shelley748 View Post
You cannot transfer your UK pension to canada, they closed the QROPS status on a lot of CDN financial institutions and so the window has closed.
TKU and so true
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Old Apr 27th 2019, 1:49 pm
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Angry Re: Uk pensions in Canada

cashing out would be like slitting your own throat bleeding cash
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Old Apr 27th 2019, 2:44 pm
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Default Re: Uk pensions in Canada

This HSBC angle, does CRTA recognize the HSBC bank as an overseas account and not taxable,? maybe I can get the first 25% of my pension pot from Prudential paid into a HSBC account tax free as its not tax free in Canada, the QROPS angle is closed, an Annuity is great if I live to be a hundred, I have no spouse to transfer to on death, after signing on for an annuity if I croak after a few payments its lost, just thinking going forward after the 25% tax free portion paid into the HSBC account the annuity part would then be paid into my Canadian bank monthly being under the NT ( no tax ) from Uk but taxed in Canada would that work ??? hard to make money harder to hang onto it
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Old Apr 27th 2019, 4:47 pm
  #84  
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Default Re: Uk pensions in Canada

Originally Posted by billgreg View Post
This HSBC angle, does CRTA recognize the HSBC bank as an overseas account and not taxable,? maybe I can get the first 25% of my pension pot from Prudential paid into a HSBC account tax free as its not tax free in Canada, the QROPS angle is closed, an Annuity is great if I live to be a hundred, I have no spouse to transfer to on death, after signing on for an annuity if I croak after a few payments its lost, just thinking going forward after the 25% tax free portion paid into the HSBC account the annuity part would then be paid into my Canadian bank monthly being under the NT ( no tax ) from Uk but taxed in Canada would that work ??? hard to make money harder to hang onto it
Why would you think an overseas account is not taxable as far as Revenue Canada are concerned? If it's worldwide income / assets - no matter where or what - they want to know about it... and will tax you accordingly... additionally keeping it overseas if it's worth in excess of $100,000 brings more issues to bear. https://www.countertax.ca/blog/how-t...ld-do-about-it

Do have a read of our excellent wiki on financial matters.. you may find it of use. https://britishexpats.com/wiki/Categ...nada_Financial


Tax Free Savings Account may be of interest, perhaps.. don't give up on QROPS - there may be a provider yet..

Last edited by Siouxie; Apr 27th 2019 at 4:49 pm.
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Old Apr 27th 2019, 5:28 pm
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Default Re: Uk pensions in Canada

you didn't get the point if I was still living in Britain I could receive 25% tax free, the option isn't available in Canada they don't recognize that
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Old Apr 27th 2019, 5:31 pm
  #86  
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Default Re: Uk pensions in Canada

Originally Posted by billgreg View Post
you didn't get the point if I was still living in Britain I could receive 25% tax free, the option isn't available in Canada they don't recognize that
I didn't see any mention of you being in the UK, that's probably why
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Old Apr 27th 2019, 5:58 pm
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Default Re: Uk pensions in Canada

your right Otto, please read my latest post Ive given a little more light on the problem any info would be appreciated
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Old Feb 17th 2020, 1:12 pm
  #88  
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Question Re: Uk pensions in Canada

Now that we have QROPS again in Canada (since Nov 2019), does anyone have experience in using this? Did you encounter any hitches?
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Old Feb 21st 2020, 1:35 am
  #89  
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Default Re: Uk pensions in Canada

Originally Posted by San2 View Post
Hi
I live in Alberta. Im trying to find a financial advisor who could advise on how to best transfer a uk pension to canada. Ive done extensive online searches to find a Canadian company knowledgeable in this area but have not been successful. BTW Ive read all the thread on the subject and it seems pretty hopeless. Any suggestions are most welcome TKU!
Hi San2

UK pension transfers are now available again back into Canada. Based on your current age, this may now be an option for you again.

You could do a google search for " UK Pension transfers to Canada Alberta " and this may throw up some options.

Last edited by mjwalker007; Feb 21st 2020 at 1:38 am.
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Old Feb 21st 2020, 5:05 am
  #90  
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Default Re: Uk pensions in Canada

Wouldn't you recommend seeing a tax adviser before transferring?
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