international tax advice

stillEuropean

Does  anyone know how to find a good tax advisor who can advise on a relatively small sum? I have a registered retirement savings plan in Canada, on which the Can govt is going to withhold 30% tax and I was hoping to bring the balance here. However, if I simply close it and transfer it to my bank account I'd be liable, I assume, to pay even more tax as it would likely push me into a higher tax bracket. I'd like to avoid this if possible, but need some advice on how to do it. 

EdSwippet

Have you looked at the UK/Canada tax treaty? Specifically, Article 17 paragraph 1:

Article 17 - Pensions and Annuities

1. Periodic pension payments arising in a Contracting State and paid to a resident of the other Contracting State who is the beneficial owner thereof shall be taxable only in that other State.

On the face of things, this says that only the UK may tax payments made to UK residents from Canadian pensions. Have you confirmed absolutely with your pension provider that Canada will withhold tax on RRSP payments? (If it does, you ought to be able to reclaim it from Revenue Canada later on.)

And yes, since this would be UK taxable it could well push you into a higher tax bracket. Can you take it in smaller chunks over time, and duck under higher rates that way?