Moving Shares Overseas

1

14Kramer

Registered User
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Hello,
I spent my entire career working with an American company in Ireland during which time I invested tax free into the company shares through a bonus scheme.

On retirement I emigrated to Canada where now I have become a citizen and tax payer. I pay taxes in both countries

I am considering moving my company shares into a Canadian brokerage account. What if any are the tax considerations I need to be aware of before I execute the transfer?
 
Why are you paying taxes in Ireland now, if you are a resident of Canada?

Not being nosey — we need to know what continuing connection you have with Ireland in order to have a view about whether that connection might result in you having an Irish tax liability in relation to the shares you got through the employee share scheme.
 
I still pay taxes in Ireland on the following:
1. Occupational Pension
2. ARF Withdrawals
3. Rental income
 
1. Occupational Pension - presumably this is from public service ? A pension from working in the private sector is usually only taxable in your country of residence

2. ARF withdrawals - don't know about these

3. Rental profits are usually taxable in the country where the property is located
 
My occupational pension is from the private sector and is currently taxed in Ireland. I have only been a taxpayer in Canada since April 2021

My original question was about the advantages and disadvantages of moving shares accumulated through a employer tax advantaged scheme to a Canadian brokerage account
 
There are a few options that I can think of.
You can sell them, but that will incur capital gains tax in Canada (not in Ireland).
You could look to get the physical share certs, then simply bring these to your Canadian broker.
You can transfer them to your Canadian broker, but this will require both your Canadian and Irish broker to do this.
 
As the investment in these share were made with non-taxed income bonus, will Irish Revenue want to get CGT when they are sold?

How would this apply if I transferred these shares overseas?
 
You should be able to transfer the shares from the current broker to whatever new broker is happy to receive them.
I am in a similar situation with shares for ab US Company, and I regularly move them from US broker (fidelity) to a bank in continental Europe. Paperwork is usually straightforward.
 
My holding is with J.P. Morgan and they tell me the process of moving the shares to a different brokerage is straightforward.

My concern is how this is my future sale of these shares will be impacted in relation to tax. Will Irish revenue be aware of the sale if it now happens with a Canadian broker? And would there be a tax liability in Canada?
 
The Irish revenue will probably never hear of the transfer or future sale

Unlike PAYE taxes, taxes on investment income and capital gains are self-reported

As for Canadian taxes, I don't know but probably CGT of some sort would be due

It is generally up to individual taxpayers to be aware of their duties regarding reporting income and gains and paying taxes due
 
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