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I have a question about a Pension I have for retirement

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I have a question about a Pension I have for retirement
Submitted: 7 months ago.Category: Canada Tax
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Customer reply replied 7 months ago
I have a DC pensio plan with my company. Iam 56 yrs. I live in Alberta. They look like they are going to shut there busuness down in the next year. What do I do with my DC pension?
Answered in 2 hours by:
12/10/2017
Canadian Tax Expert: NYCLAWYER, ATTORNEY replied 7 months ago
NYCLAWYER
NYCLAWYER, ATTORNEY
Category: Canada Tax
Satisfied Customers: 62,867
Experience: BUSINESS LAWYER
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Greetings! I am a legal expert on the site and am working on your question.If vested that pension must be paid. You should inquire about getting it cashed or otherwise rolled over.Good luck. Please let me know if the reply is acceptable by responding “yes” or “acceptable”
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Customer reply replied 7 months ago
It is vested. They have to pay me out. Do you know if in Canada I have to get a RRIF or GIC. with the money?
Canadian Tax Expert: NYCLAWYER, ATTORNEY replied 7 months ago
Sorry I will opt out so a Canada law expert can address that.
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Canadian Tax Expert: Legal Ease, Lawyer replied 7 months ago
Legal Ease
Legal Ease, Lawyer
Category: Canada Tax
Satisfied Customers: 105,502
Experience: Lawyer
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Are they giving you cash?

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Customer reply replied 7 months ago
I think it has to go into locked i account. Lif or life annuiy
Canadian Tax Expert: Legal Ease, Lawyer replied 7 months ago

But why do you think that?

That is the law in Canada in most cases only if the pension has not vested.

But I don't know the law in the US.

So who told you that you cannot get the cash? And if they did where did they say the money had to go?

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Customer reply replied 7 months ago
It is vested. And I live in Alberta
Canadian Tax Expert: Legal Ease, Lawyer replied 7 months ago

I know you live in Alberta but what I am asking is about pension administrator in DC said to you about the pension.

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Customer reply replied 7 months ago
Sorry the pension is a Defined Contribution. In Ab.
Canadian Tax Expert: Legal Ease, Lawyer replied 7 months ago

OH!!

It was on the US law list and so I assumed it was from DC in the US!

But I actually think a tax expert should be answering this and I am going to ask the site to move it over to the Canada tax list.

Thanks

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Customer reply replied 7 months ago
No problem
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