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Re: Experience/advice moving back to UK
Cool cat, thank you. It seems the HSBC account is the simplest way to go. We, too, have RRIF’s and need to decide if it makes more sense to withdraw the funds completely and pay the tax or to continue with the Canadian accounts. From a “one less thing to even think about “ perspective, we’re leaning toward moving all our assets to the UK. Will need some professional advice.
Best of luck to you with your move. |
Re: Experience/advice moving back to UK
Originally Posted by Loni
(Post 13246881)
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we are both retired and are receiving CPP & OAS plus a very small monthly pension. We also each have RIF’s which provide additional monthly income. a) as an emigrant: will you be severing ties with Canada 100%, means no bank accounts, no address, no Canadian credit cards, library cards etc, if so you need to do a final tax return. https://www.canada.ca/en/revenue-age...emigrants.html as a non-resident you've informed your Bank, maybe closed the bank accounts, have informed the pensions people to send all pension money to your UK Bank. May include TFSA, RRIF, private pensions. for RRSP/RRIF's & private pensions. https://www.canada.ca/en/revenue-age...ts-canada.html b) or you may want to maintain connections to Canada even though you wont be living there...for example using a daughter/son address, keeping a bank account, having pension money go into the Canadian Bank...you'd be deemed resident by the CRA will require you to keep filing the yearly Canadian tax return on world income. Since Canada/UK have a tax treaty you'll have to deal with paying tax then a tax refund depending how you set it up. c) https://retirehappy.ca/canadian-non-...rement-income/ |
Re: Experience/advice moving back to UK
Originally Posted by Loni
(Post 13246858)
Anyone, particularly retirees, who have moved back to the UK from Canada, did you have a legal and/or financial advisor to assist in your move? Did you do it all by yourself? The more I read, the more confused I get with tax considerations, difficulty opening an UK bank account etc.
Any personal experiences good or bad would be appreciated. https://britishexpats.com/forum/movi...dvisor-950840/ |
Re: Experience/advice moving back to UK
Originally Posted by WCott
(Post 13247331)
We are in the process of getting HSBC bank accounts. You apply online, and send in some documents, and then you will get a confirmation email. Then you get a call a week or so later with some questions, and then finally a Zoom video call.
we just got a couple of personal accounts, but that kind of account only protects about £85k, because of money laundering concerns, etc. Once you’re there for a while, you can get a different account that fully protects all your money. We figured we can always switch accounts over once we get there. NS&I is backed by the Treasury so there is no limit on the protection for savings and the usual £85 000 cap doesn’t apply. |
Re: Experience/advice moving back to UK
Originally Posted by Helen1964
(Post 13248091)
Don’t know if it’s of interest to anyone but once you have a UK current account, even if you’re living abroad you can open savings accounts with NS&I. They’ve just released new 3-year savings bonds which pay over 4%.
NS&I is backed by the Treasury so there is no limit on the protection for savings and the usual £85 000 cap doesn’t apply. |
Re: Experience/advice moving back to UK
Hi Durham Lad
Yes, it’s been useful for us as non-UK residents. We have quite a bit of sterling which we want to keep in the UK in case we decide to move back soon. Until I discovered NS&I it was earning zero interest in a current account. Of course once you factor in inflation and French tax on interest from UK savings, the gains are not huge. But still better than nothing. |
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