2

Can I move my Canadian RRSP savings to the UK without incurring heavy taxation? If so, how can this be done? Thank you. (been going round in circles on the internet with this question).

1
  • What would you transfer it to? An ISA? Something else? An RRSP by its nature is tax sheltered. Commented Sep 7, 2017 at 18:15

1 Answer 1

1

Probably not.

For your savings to enter an RRSP account, the recipient account must itself be an RRSP (duh! I hear you say). This appears to rule out any UK-based banks as they would not offer this type of account, which appears to be confirmed with a quick Google search returning no useful result for "rrsp uk".

According to Income Tax Folio S3-F10-C1, Qualified Investments – RRSPs, RESPs, RRIFs, RDSPs and TFSAs, an RRSP may include listed securities traded on designated stock exchanges, including the London Stock Exchange. While this enables some possibilities, it is not clear that Canadian banks would offer much in the form of UK RRSPs. Your best bet may be to contact your bank and ask if they offer RRSP services for expats. Here is a list of Canadian banks in the UK. Obviously, this does not mean that they offer the type of service you are looking for (or even that they offer retail services, this may be just a trading office).

Finally, if you need to move money from an RRSP to anything other than an RRSP this will trigger the inclusion of the sale proceeds as taxable income in that year.

You must log in to answer this question.

Not the answer you're looking for? Browse other questions tagged .