Transferring a Foreign Pension to a Canadian RRSP under Paragraph 60(j)
Paragraph 60(j) of the Income Tax Act allows Canadians who worked abroad to transfer eligible lump-sum foreign pension payments into an RRSP without using contribution room. This can defer tax, consolidate retirement savings, and potentially apply foreign tax credits. Only qualifying pension plans are eligible, and proper reporting is required, making professional cross-border tax advice essential.