David, My husband had pensions transferred from UK to Canada (with Sun Life). Basically the rule at the time was if the pension was 'locked in' in the UK, then it had to be the same here in Canada. In our case; the pension was one which had been contributed to by employers as well as my husband. A declaration of sorts was sent by the recipient account managers here in Canada (Trimark) to the UK Pension holder (Sun Life) demonstrating that the RRSP into which the funds would be transferred, was appropriate (locked-in). I think the process took about two months in total. Hope this helps! ==================================================== Again - A person who did it. Obviously you need an RRSP person who can dig a bit but it can be done thanks to my reader for a real life case. ======================== And a reminder about Sunday's Radio Program - Fred Snyder is licenced to deal with these in Ontario and BC by the way. Answers to this and other similar questions can be obtained free on Air by david ingram on the last Sunday of each month. On the last Sunday at 9:00 AM on 600AM in Vancouver, I, david ingram will be a guest on Fred Snyder of Dundee Wealth Managers' LIVE talk show called "ITS YOUR MONEY" Those outside of the Lower Mainland will be able to listen on the internet at www.600AM.com Call (604) 280-0600 to have your question answered. BC listeners can also call 1-866-778-0600. Callers to the show and questioners on this board can also attend the Thursday Night seminars on finance and making your Canadian Mortgage Interest deductible. I will be at the seminar following the last Sunday of the month. ------------------------------ ============================= QUESTION: Is it possible to tranfer the value of UK Pension Plan to a Canadian registered plan such as an RRSP? IF so, can it be transferred to an RRRSP or does it have to be transferred to a Locked-In RRSP? Thanks ---------------------------------------- david ingram replies: There is a provision to transfer a UK pension to a registered plan in Australia and there is a Canadian Provision to transfer a US pension through an IRA to a Canadian RRSP (the US does not recognize it) but in my 43 years in this business, I have never seen or heard of one transferring a UK pension to an RRSP. However, I love learning something and will put this out to the CEN-TAPEDE List and see if someone else knows of a method of doing so. The US to Canada method involves paying tax on the IRA to the US and then making up the tax amount to have the full amount put into a Canadian RRSP where you then get a deduction and income amount that balance themselves out on the Canadian tax return. You then do a foreign tax credit on the Canadian return by putting the taxable amount of the RRSP on line 433 and the tax paid to the US on line 431 of schedule 1 of the T1 return. There may be a similar method with the UK pension. Anyone else got an idea or done it - UK to Canadian RRSP? --------------------------- David Ingram's US / Canada Services US / Canada / Mexico tax, Immigration and working Visa Specialists US / Canada Real Estate Specialists My Home office is at: 4466 Prospect Road North Vancouver, BC, CANADA, V7N 3L7 Cell (604) 657-8451 - (604) 980-0321 Fax (604) 980-0325 Calls welcomed from 10 AM to 10 PM 7 days a week Vancouver (LA) time - (please do not fax or phone outside of those hours as this is a home office) email to taxman at centa.com <mailto:taxman at centa.com> www.centa.com <http://www.centa.com/> www.david-ingram.com <http://www.david-ingram.com/> Disclaimer: This question has been answered without detailed information or consultation and is to be regarded only as general comment. Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist for expert help, assistance, preparation, or consultation in connection with personal or business affairs such as at www.centa.com <http://www.centa.com> . If you forward this message, this disclaimer must be included." Be ALERT, the world needs more "lerts" David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Saudi Arabia to Mexico to China or Chile - Cross border, dual citizen - out of country investments are all handled w -------------- next part -------------- An HTML attachment was scrubbed... URL: http://www.centa.com/CEN-TAPEDE/centapede-ca/attachments/20060624/239102ca/attachment.htm
