How to transfer pension to Canada
Canada has a wide range of pension plans available, including employer schemes and opt-in schemes for self-employed people. The federal Government also offers tax incentives on a wide range of bank accounts which qualify as Registered Retirement Savings Plans (RRSPs). These are offered by most banks and insurance companies.
But the questions of what sort of retirement scheme is best for you, and which ones you qualify for as a migrant, are worthy of expert advice. You could stand to gain or lose a great deal.
What to ask
- Are they accredited with the appropriate regulatory body? This varies between states and according to the nature and subject of advice.
- What does that accreditation entail, exactly? There are different levels of advice, each with its own level of accreditation.
- Are they independent (charging you a fee)? Or do they represent a suite of products (from whom they take a commission)?
- What do you stand to gain or lose by transferring to a Canadian scheme?
- Can they help you revisit a pension transfer you’ve already made?
- How do they handle complaints?
- Do they subscribe to a disputes settlement service?
For most people, the sooner they join a pension plan, the greater the rewards.
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