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Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100949
Experience:  Lawyer
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I have a pension that is in the uk (I live in Canada). As

Customer Question

I have a pension that is in the uk (I live in Canada).
JA: What state are you in? It matters because laws vary by location.
Customer: As per uk law I can take a lump sum up to 25% Tax Free.
JA: Has anything been filed or reported?
Customer: no
JA: Anything else you want the lawyer to know before I connect you?
Customer: I would like to know if and when I report the sum; will I be subject to Canadian Taxes?
Submitted: 4 months ago.
Category: Canada Law
Expert:  Debra replied 4 months ago.

Hello! My name is Debra (formerly known as Legal Ease). Thank you for your question. I'm reviewing it now, and will post back again shortly.

Expert:  Debra replied 4 months ago.

What type of pension is this?

For example did both you and the employer contribute to the pension?

Is this a private pension?

Customer: replied 4 months ago.
Expert:  Debra replied 4 months ago.

So you do have to report this pension to the CRA.

And you would get a foreign tax credit for any taxes paid in the UK but as you don't pay tax there there are no credits to apply. So you will have to pay tax on the pension just as if you obtained it here.

I am sorry about that. I know you were hoping to hear a different answer.

Please feel free to post back with any follow-up questions you may have. If you don't have any then I hope I have earned a 5 star rating but if you don't feel that I have please don't hesitate to reply back and let me know what more I can do to assist you. Finally, please know that even after you rate me I will be here for you and you can ask follow-up questions if you think of them later on at no further charge of course.

Expert:  Debra replied 4 months ago.

Is there anything more I can help you with at this point in time?