Sips for Canadians?

innovate101

I left the Uk in 1997 and have a pension fund in a uk based insurance company worth 60 k. Am I able to transfer this to a sip even though I am resident in Canada? Also, if this is possible can i use part of this fund to buy commercial properety in canada?

EdInvestor

innovate101 wrote: »

I left the Uk in 1997 and have a pension fund in a uk based insurance company worth 60 k. Am I able to transfer this to a sip even though I am resident in Canada?

Yes

Also, if this is possible can i use part of this fund to buy commercial properety in canada?

May be possible, but best to check with a reputable SIPP provider that does CP such as https://www.ajbell.co.uk

It may be that the costs and complexity of a foreign property investment are such that the admin costs of the investment will eat excessively into profits.

Cook_County

If you did not transfer this to an immigrant trust you may now want to transfer to a QROPS. First however you need to take advice locally on on the current Canadian tax implications.