RRSPs

Hi despite a lot of research I am still unable to ascertain what is the most tax efficient way of accessing my savings I Understand as a non resident these will be taxed at 25% if withdrawn as a lump sum what are the tax implications of depositing a lump sum form Canda to here from withdrawing my RRSPs? what are the tax implications of converting my RRSPs to a RRIF and receiving the funds as income drawdown on a regular basis? I do not understand why this has to be so complicated 

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Hi diana bosworth,

Please refer to Article 17 of the Double Taxation Treaty with Canada to ascertain what your pension falls under for the tax implications -

CONVENTION BETWEEN THE GOVERNMENT OF THE UNITED KINGDOM OF GREAT BRITAIN AND NORTHERN IRELAND AND THE GOVERNMENT OF CANADA FOR THE AVOIDANCE OF DOUBLE TAXATION AND THE PREVENTION OF FISCAL EVASION WITH RESPECT TO TAXES ON INCOME AND CAPITAL GAINS.

HMRC are unable to advise on how you take your pension as this is seen as financial advise which we are not authorised to provide.

Thank you.