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Forum: Canada
Feb 13th 2018, 12:36 am
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

That’s what the CRA told us, however we were then advised that the CRA are simply interpreting Canadian Tax Law, and could well be wrong. They would be well within their rights to come after you at a...
Forum: Canada
Feb 10th 2018, 5:10 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Please provide feedback when you hear from your FA, I’d be interested to hear his opinion. My take on this so far is that everyone has a slightly different opinion, there is no definitive answer.
...
Forum: Canada
Feb 10th 2018, 4:27 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

I’d be interested in knowing what FA in the UK you are using, the people I dealt with were not willing to recommend a transfer due to potential Canadian tax implications, £2k down the drain there! PM...
Forum: Canada
Feb 10th 2018, 4:25 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Yes, that’s what common sense says and exactly how I see it, but not necessarily how the CRA will interpret it, trust me I’ve spent a lot of time and money looking into this, it’s not as cut and dry...
Forum: Canada
Feb 10th 2018, 3:47 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Are you 100% sure about this, I’ve spent many $1,000s trying to get a definitive answer on this and no one can provide it.

Rest assured if the CRA can get their filthy hands on 40% of your...
Forum: Canada
Jun 24th 2017, 7:19 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Hi Jonathan - is it really a withdrawal though rather than a move from one scheme to another?

When all is said and done I can't actually withdraw anything or access any of these funds until I'm...
Forum: Canada
Jun 24th 2017, 1:40 am
Forum: Canada
Jun 23rd 2017, 9:39 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

So, this whole experience has been a disaster.

We're being told that if we move our UK DB pension schemes into a UK SIPP then we have to declare that on our Canadian taxes and could be in for a...
Forum: Canada
Apr 21st 2017, 5:15 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Well thats good to know, thanks.

I've been dealing with a guy called Andrew Hains, he seems to be knowledgeable in his field. I really have no problem paying a 'fair' price for good service.
...
Forum: Canada
Apr 21st 2017, 4:31 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

I get it, cheap is not always the best option but I've read in some cases they want 4% of the pot to perform the physical transfer, I'm not prepared to pay £50k + for a pension transfer. My old boss...
Forum: Canada
Apr 18th 2017, 5:17 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Hey all - so what kind of fees can I expect to pay for the advice, I'm assuming it's a set fee not a percentage of the transfer pot?

Thanks.
Forum: Canada
Apr 11th 2017, 6:33 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Haha, you got that right!!
Forum: Canada
Apr 11th 2017, 6:31 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Apologies Dave, just to clarify....

We wouldn't be cashing in for a lump sum payout, it'd be invested into another pension fund as we're only 45 (but plan to retire at 55).

We should (fingers...
Forum: Canada
Apr 10th 2017, 11:28 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Jeez, why is nothing straightforward hey?
Forum: Canada
Apr 6th 2017, 9:49 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Hi - yes I understand that, and agree 100% my liability is to Canada (I just love the way Trudeau spends my tax $$ 😡), but in real world situation how easy is it to claim back from HMRC should double...
Forum: Canada
Apr 6th 2017, 9:01 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Thanks for the reply, that's useful information.

This is one of my concerns in that both countries may want the taxes payable to them. Did HMRC pay you back without too much trouble?
Forum: Canada
Apr 6th 2017, 1:37 am
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

I agree, but as Aviator says it maybe worth checking.... last thing we want is CRA coming after a large whack of our pensions!

Let me know if you find anything out 👍🏼
Forum: Canada
Apr 5th 2017, 11:41 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

I most certainly will. Thanks 👍🏼
Forum: Canada
Apr 5th 2017, 10:37 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

I absolutely hear what you're saying, although I'm not sure if this would qualify as 'cashing in a pension fund' as the U.K. government rules say you can't do this (until age 55 without huge tax...
Forum: Canada
Apr 5th 2017, 9:16 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

I have no idea at this stage, certainly something I'll look into prior to cashing in.

I'm assuming there are no tax implications until you start to draw the pension at which stage you'd pay tax...
Forum: Canada
Apr 5th 2017, 8:26 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

Excellent thanks, my final Salary was 28.5 times (6 months ago) and my wife got her value yesterday at 42 x annual pension!!

It's a no brainer to cash these in I think!!
Forum: Canada
Apr 4th 2017, 11:39 pm
Replies: 66
Views: 11,097
Posted By stokesey

Re: Cashing in final salary pension.

I've just read about the QROPS (or lack of in Canada). So I guess keeping it in the U.K is the only option?
Forum: Canada
Apr 4th 2017, 11:11 pm
Replies: 66
Views: 11,097
Posted By stokesey

Cashing in final salary pension.

Hi all - I'm wondering if anyone can help me?

My wife and I (both living in Canada now for 6 years) have just got cash in values for our final salary pensions.

This is something we never...
Showing results 1 to 23 of 23


 
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