Help with pension stuck in Canada
 

Hi everyone,

I am hoping that someone has been in the same situation as me as I am so confused regarding tax implications etc. for my pension that is out in Canada.

This was originally a UK pension pot transferred via QROPS to Canada as I originally had no intention of returning to the UK, this now in a RRSP. My situation changed in 2013 when my marriage broke up and I returned to the UK.

I believe I will need a specialist tax advisor to help me either a) move the pension back to the UK in the most tax efficient way or b) draw down a regular monthly income, I do still have a Canadian bank account, and send back to the UK to be converted to £.

I have been going round in circles for the last couple of years and as I am now approaching pension age this is becoming something that I need to address sooner rather than later.

If anyone has used an advisor or has any wisdom they can impart I would be very grateful.

Thank you.

Re: Help with pension stuck in Canada
 

I have been in a similar situation with my US pensions. I simply had the payments go to my US bank account then used Wise to transfer the money to my UK bank. More recently I created a Wise USD account with US style bank routing and account number and have the payments go there instead of my US bank. Using the Wise app it then takes less than a minute to send the money to my UK bank account.

i’m pretty sure Wise will also have CAN$ denominated accounts. These accounts are free to setup and use.

just an option you might want to consider.

Re: Help with pension stuck in Canada
 

Thank you, I do have a Canadian Wise bank account, my question was more around what are the tax implications and how (if I can) claim back any Canadian tax taken.

Re: Help with pension stuck in Canada
 

I don't know who has taxing authority (Canada or UK) but if you have paid taxes in both countries on it I expect Canada has a foreign tax credit option to claim back any taxes that shouldn't have been paid. I have used foreign tax credit claims in both the UK and USA when taxes have been paid that shouldn't have.

https://www.canada.ca/en/revenue-age...rms/t2209.html

https://www.canada.ca/en/revenue-age...ax-credit.html

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