Is My Uk Pension Lump Sum Taxable In Canada

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There are two primary taxes that could potentially be payable when moving UK pensions to Canada through a transaction that changes the country in which your fund is held Overseas Transfer Charge

This means you can take UK pension income as a lump sum payment

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You may be taxed on your pension by the country where you re resident and by the UK

What this means in practice is that Canada has the right to tax the UK pension income whilst you are a resident of Canada and the UK should not tax this at all

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Canada Pension Plan Explained PWL Capital

In the UK you are allowed to withdraw up to 25 of your pension tax free Once you

Report on line 11500 of your return in Canadian dollars the total amount

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