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Experience/advice moving back to UK

Experience/advice moving back to UK

Old Apr 5th 2024, 12:31 pm
  #16  
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Default 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.
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Old Apr 6th 2024, 6:06 pm
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Default Re: Experience/advice moving back to UK

Originally Posted by Loni
.
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.
couple of things.

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/
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Old Apr 7th 2024, 3:21 pm
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Default Re: Experience/advice moving back to UK

Originally Posted by Loni
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.
you may want to view the link below including posting on that thread

UK / Canada tax and financial advisor

Last edited by not2old; Apr 7th 2024 at 3:25 pm.
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Old Apr 8th 2024, 6:52 am
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Default Re: Experience/advice moving back to UK

Originally Posted by WCott
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.
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.

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Old Apr 8th 2024, 7:00 am
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Default Re: Experience/advice moving back to UK

Originally Posted by Helen1964
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.
Great news, I find the NS&I to be a great place to put savings but hadn’t realized that you no longer need to be UK resident to open an account.
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Old Apr 8th 2024, 8:06 am
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Default 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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