Originally Posted by MrCheeky

My wife and I will be retiring to the UK next year as well. It's been exciting and stressful at the same time planning everything. Our house is sold and are now renting until the move. Couldn't resist selling in this inflated market and as you say, who knows what tax implication there will be in the future?

Regarding this point: 5) You can keep Canadian Registered Savings plans open but withdrawals will be subject to a 25% withholding tax in Canada. Cash in your Canadian TFSA before you go which would be subject to UK tax.While I am not a tax expert, my understanding it

We plan to keep both our RRSPs in Canada. They continue to grow tax free (in Canada) but there is no longer any contribution room. We will be converting our RRSPs to RRIFs after age 65 and receiving the minimum monthly amount which should be considered a "periodic payment" and not subject to any Canadian withholding taxes. These monthly payments will be considered as income at the UK end. (see https://taxca.com/blog-2016-35/ ) or HERE for the Gov of Canada source (TIP: search the page for "United Kingdom" to find the info more quickly. It should also answer your query regarding point #6,

We have already converted our TFSAs to cash given the rise in the markets. This money will be transferred to the UK and invested in a Stock & Shares ISA to grow tax free in the UK. The UK ISA annual limit is £20,000 ($34,000) compared with Canada's £3,500 ($6,000) yearly TFSA limit.

Hope this helps

Originally Posted by getoutofbritainquick

Thanks for the response.
Just to confirm my understanding. For registered pensions payments from Canada we will not have to pay tax in Canada but will at our marginal rate in the UK? https://www.canada.ca/en/revenue-age...#_Toc301246865

Originally Posted by getoutofbritainquick

I have been looking at removal companies and are getting a quote from Crown. Initial estimates from Vancouver Island to Plymouth, UK is $10-14k for a 20ft container and some between $16-23k for a 40ft.

Originally Posted by getoutofbritainquick

Totally, I sent the forms for my wife and I back in January to pay voluntary contributions but not heard anything as yet. I also requested a current statement of NI contribution years for us both online. I received the notification receiving my request, but again no further correspondence. Not sure if this has something to do with delays caused by COVID but I thought we would have heard something by now.
We are bringing our plans to return to the UK forward and will be putting our property on the market asap for a number of reasons, but mainly due to the current hot property market here in Victoria. The UK seems to be doing far better than Canada with the vaccine roll out. My wife and daughter have received their first vaccine being front line health care workers but my son and I will be lucky to get the vaccine by the Fall. This has been a really tough decision for us because our son is just completing grade 11 and we had hoped for him to complete grade 12 before we returned to the UK. We had to weigh up the risks of moving back now or waiting another year. The property market is currently insane in Victoria and starting to overheat, with the UK getting its economy firing again I think there is there is a real financial risk with exchange rates. There are also a few other major concerns with waiting until next year so we have decided to go this year all being well.

Originally Posted by Benson55

It takes DWP in the Uk about six months to initiate the request for AVC's once its in the system then they remind you each year.

Originally Posted by tdrinker

You can set up a direct debit for ACV's so you don't have to go through an annual process, and cancel it in x years when you have sufficient contributions for a full pension.

Originally Posted by durham_lad

You can estimate your taxes with this calculator

https://www.moneysavingexpert.com/tax-calculator/

I don’t know how healthcare works in Canada but remember that you will not be paying anything for doctor and hospital visits in the UK. Over age 60 and things like prescriptions and eye tests are also free. Free bus pass also for those receiving their British State pension (OAP) - just got mine this year, works great.

Originally Posted by countrygirl33

Hi Durham Lad,

Can you not get a bus pass if you don't get British pension? Thanks

Originally Posted by tdrinker

If you live in a London borough, at age 60 you get free transport on buses, trains, trams & tube across London, including the few tube stations that extend beyond London's border. At retirement age do you get the pass that also includes free national bus travel.

The 60+ free London transport travel is incredibly generous.

Originally Posted by tdrinker

My understanding is that everyone can get a bus pass that works nationally from retirement age. I wasn't aware of / had forgotten about the senior railcard - given the cost of train tickets, it could be very worthwhile.