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Part III - UK pension to Canadian RRSP

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
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Call (604) 280-0600 to have your question answered.  BC listeners
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------------------------------
=============================
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?
---------------------------
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