Korean Job Discussion Forums

recessiontime · Last edited by recessiontime on Thu Sep 16, 2010 2:35 am; edited 1 time in total

So basically I am not in Korea anymore and I want to collect my lump sum pension. Won't the Canadian government question where this pension is coming from and proceed to tax me or inquire further about my employment abroad?

Can someone tell me what the deal is? Thanks.

PS: I know how to get my lump sum pension, I know where to send the paperwork and I know it takes a year to process. What I don't understand is the consequences of getting my lump sum pension process by the government of Canada.

OculisOrbis · Joined: 17 Jul 2006

If you have a korean account that is still open and a global debit card for that account, just have it deposited to your account in korea and withdraw cash from ATM's if youre worried about it.

recessiontime · Posted: Thu Sep 16, 2010 2:36 am Post subject:

recessiontime · Posted: Thu Sep 16, 2010 2:44 am Post subject:

Another question is: how long will my pension money be sitting in Korea for? I haven't collected it in 1 yr. Will it vanish some day down the road?

OculisOrbis · Joined: 17 Jul 2006

Can you try to get it released to your account in Australia? I dont know how that would work, but its something to look into.

I dont know how Canadian Tax Office would react, but if they did, it could take a few years before they noticed and then they would audit you - making you pay for all the interest that accrued in penalties over those few years you werent declaring the income.

Or I can give you my korean account # and you can have it deposited there. I'll forward you the cash. Honest.

No, your money wont disappear. It's yours and isnt going anywhere. If you come back to korea to work, you will be contributing to the same account and would be able to cash out for your new and your old jobs.

recessiontime · Posted: Thu Sep 16, 2010 3:06 am Post subject:

Well I guess there is no rush then. Thanks big giant eye creature.