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Top Relocation Tips

Financial Advice

Pensions

The first thing you need to do when you are thinking of transferring the your UK pension to the UK, is to find out if your pension is eligible for transfer.

There are two types of pension plans: 1. Occupational Plans where an employer contributes monies into a fund and it may or may not be compulsory for the individual to also make contributions. 2. Personal Plans where individuals make contributions to a fund. Both are set up to provide income for when you retire.

Occupational Pension plans can be transferred to a Canadian Registered Retirement Savings Plan (RRSP). No tax is deducted in the UK and remain that was as long as the finds are kept in a RRSP.

Personal Pension Plans can be transferred to Canada but they cannot be transferred into a RRSP. This may create a possible tax liability for you in Canada.

Old Age (state) pensions that have already started to be paid out, cannot be transferred.

Secondly, you need to make sure that you have all the information needed to be able to transfer the fund. This includes, full name, address, your Canadian Social Insurance number, the name and address of your Pension Plan Administrators, pension plan number and approximate value of your pension.

For assistance with pension transferrals from the United Kingdom to Canada visit - www.transatlantictransfers.com

Investments

Before you leave get up to date statements and valuations of all your investments along with all the supporting documentation such ownership documents and contact details, and put them together in one file. It will help you review your savings and investment requirements once in Canada so you understand clearly what your options are.

Life Insurance

If you have current policies make sure that you review your options before cancelling them or cashing them in. You may be covered for a short period of time when you have left your country of origin which will provide you with time to find a suitable insurer when you arrive in Canada. There are many resources on the web to research the best policy for you and find out approximately how much it will cost.

Medical Insurance

It is advisable that before you leave your country of origin you acquire your medical record from your GP. This may assist you in getting Medical/Health Insurance in your new country. Check out what is free and covered in Canada and find a suitable private health insurer to suit your needs.

Money

Make sure that when you plan to relocate to Canada you plan sufficiently to have a enough money to cover your expected expenses for an extended period of time. 3-6 Months is a good time frame.

For other financial matters check out our other sections on Tax Matters, Investing, Buying a home etc.