Hi there,
Last year, I elected to transfer my Public Service Pension Plan to a Locked-in RRSP, and part of it was paid out as a cash payment, with tax withheld in Canada. I imagined it would be a simple lump sum tax situation, and the foreign tax credit would take care of it.
Now, as I read about lump sum payments, I see that applies only to "qualified" pension plans, and I'm not sure what that means. At any rate, even when I just put the whole cash distribution in as pension income, the foreign tax credit based on the withheld Cdn tax takes care of that, so I assume that's ok.
I also wonder about the portion that is transferred to the locked-in RSP. Is there a treaty provision that makes that tax exempt?
Thanks for any insights.
Pension Plan Transfer to Locked-in RSP
Moderator: Mark T Serbinski CA CPA
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Zhaitan's immortal armies waves from the sea, eager for the damage of the five classes of Tyria: the asura, the violent class of feline warriors, the charr, the norn, the sylvari, towering shape shifters from the cold world, magical investor of great intellect small size, the humans, a arcane young class of visionary plant folk, a resilient one embattled.
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- Posts: 54
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- Location: Victoria, BC, Canada