UK Occupational Plans can be transferred tax effectively to a Canadian RRSP,
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USA Individual Retirement Accounts (IRAs) are specifically covered in the tax code and can be transferred tax effectively to a Canadian RRSP, and
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UK Personal Plans are similar in many respects to IRAs but are given no specific treatment in the Canadian tax code;
and, as this:
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Creates an injustice for holders of UK Personal Pension Plans who have immigrated to Canada and are relying on this money for retirement income, and
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Creates uncertainty around the tax treatment of the income and capital gains accruing in these funds as well as the tax treatment if the funds were to be transferred to Canada;
we respectfully request that the appropriate action is taken to:
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CLARIFY THE TAX CODE, to specifically allow the tax-effective transfer to a Canadian RRSP of UK Personal Pension Plans (which have been properly registered and comply with the rules for such plans by the UK Inland Revenue), and
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SEIZE THE BENEFIT to the Canadian economy from the influx of capital that the transfer of UK Pension Plans would bring.
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