The tax year in Canada runs from 1 April to 31 March.
The Canadian financial services sector is very well developed with the Bank of Canada maintaining responsibility for monetary policy, and promoting the stability and safe and efficient operation of Canadian financial institutions.
Canada provides a range of incentives for people to save for their retirement, including via RRSP’s (Registered Retirement Savings Plans) as well as the option of Retirement Savings Plans (RSP).
Pensions can be transferred from the UK to a qualifying scheme in Canada to obtain a variety of possible benefits including overall taxation, investment flexibility pre/post retirement, estate planning, holding funds in local currency.
Any transfer from the UK will need to be undertaken to a Canadian scheme which has approval from the HMRC in the UK.
Based on your own circumstances, it can be very beneficial to have your UK pension held in Canada, or alternatively structured in the UK to optimize your overall position as a Canadian Tax resident or future emigrant to Canada.
For further information, please contact us.