National Insurance Query
#1
Forum Regular
Thread Starter
Joined: Dec 2019
Location: UK
Posts: 32
National Insurance Query
My wife and I will be retiring and moving to the UK from Canada. I have a question (and likely some follow-ups) regarding National Insurance as I have been doing some online tax calculations and there is a significant amount devoted to NI when I use the online calculators.
1. As we will eventually be collecting CPP and OAS, are we mandated to contribute to NI via our income taxes? (We will be in our early-mid 50s when we move)
We will not likely be working and our income will be predominately from pensions and investments.
1. As we will eventually be collecting CPP and OAS, are we mandated to contribute to NI via our income taxes? (We will be in our early-mid 50s when we move)
We will not likely be working and our income will be predominately from pensions and investments.
#2
BE Forum Addict
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,131
Re: National Insurance Query
Mandatory NI payments are only paid out of earned income. So if you only have pensions and other non-earned income then you don’t have to pay any NI contributions.
#3
BE Enthusiast
Joined: Dec 2010
Location: Whitby, Ontario
Posts: 732
Re: National Insurance Query
My wife and I will be retiring and moving to the UK from Canada. I have a question (and likely some follow-ups) regarding National Insurance as I have been doing some online tax calculations and there is a significant amount devoted to NI when I use the online calculators.
1. As we will eventually be collecting CPP and OAS, are we mandated to contribute to NI via our income taxes? (We will be in our early-mid 50s when we move)
We will not likely be working and our income will be predominately from pensions and investments.
1. As we will eventually be collecting CPP and OAS, are we mandated to contribute to NI via our income taxes? (We will be in our early-mid 50s when we move)
We will not likely be working and our income will be predominately from pensions and investments.
#4
Forum Regular
Thread Starter
Joined: Dec 2019
Location: UK
Posts: 32
Re: National Insurance Query
Thank you for the quick and informative responses. Contributing to NI is not a priority as we will have significant CPP and OAS from Canada having lived and worked here for so long. We won't rule out any part time work in the UK though as it may assist in establishing new friends, hobbies etc. Having said that, we have both worked hard for our money and wish to make the most of it through travel and other interests.