KiwiSaver, RRSP and TFSA: What Happens to Your Retirement Savings When You Move to Canada

If you're moving from Australia, KiwiSaver savings can transfer directly into an Australian super fund. Canada is a different story. There's no portability arrangement between KiwiSaver and any Canadian retirement scheme, so the two systems stay entirely separate, and you need a plan for both.

What happens to your KiwiSaver

Your KiwiSaver account doesn't close or freeze when you leave New Zealand. It stays exactly where it is, with your existing provider, and you broadly have three options.

Option 1: Leave it and keep growing

You can simply leave your KiwiSaver invested and do nothing. Without a New Zealand employer, you'll lose employer contributions and won't be eligible for the annual government Member Tax Credit, but your existing balance keeps growing (or shrinking) according to your fund's settings.

Option 2: Withdraw after 12 months

Once you've permanently emigrated and at least 12 months have passed since you left, you can apply to your KiwiSaver provider for a permanent emigration withdrawal, as at 26 Aug 2026, per ird.govt.nz. You'll need to have resided at an overseas address at some point during the year after you left, and to complete a statutory declaration confirming your permanent emigration.

You can withdraw your own contributions, your employer's contributions, the $1,000 kick-start if you received one, any fee subsidies, and the investment returns on all of it. The government's ongoing annual Member Tax Credit contributions are not included, and are repaid to the Crown before your account closes.

This is the pathway most Kiwis moving to Canada actually use. The withdrawn funds arrive as ordinary cash into your New Zealand bank account, there's no special transfer mechanism into a Canadian retirement account, so moving that money to Canada is a separate step, subject to the same normal transfer considerations as any other cash you bring over.

Option 3: Transfer to an approved overseas scheme

In principle, KiwiSaver providers can transfer your savings directly to an overseas superannuation scheme that IRD has approved to receive them, at any time after you've permanently emigrated, without the 12-month wait. In practice, this route is built around the Australian arrangement. As at 26 Aug 2026, no mainstream Canadian retirement scheme is commonly listed as an approved recipient, so most people moving to Canada use the standard 12-month withdrawal instead. Check IRD's current list if this route matters to you.

Meanwhile, in Canada: RRSPs and TFSAs

Unlike KiwiSaver, nothing in Canada auto-enrols you or matches your contributions. RRSPs and TFSAs are entirely voluntary accounts you open yourself, once you have a SIN and a bank account.

RRSP (Registered Retirement Savings Plan)

Contributions reduce your taxable income dollar for dollar, up to 18% of your previous year's Canadian earned income, capped at $33,810 for 2026. Withdrawals in retirement are taxed as income, so it's a tax-deferral tool rather than tax-free growth.

For a newcomer, your first year of RRSP room is based on your prior year's Canadian earned income, which is typically zero when you arrive. Room starts accumulating from your first year of Canadian employment, so most newcomers have no meaningful RRSP room to use until their second tax year.

TFSA (Tax-Free Savings Account)

A TFSA works more like what New Zealanders are used to with everyday savings: contributions aren't deductible, but all growth, interest and withdrawals are completely tax-free.

Your TFSA contribution room begins in the calendar year you become a Canadian tax resident, provided you're 18 or older. Years spent overseas don't generate retroactive room, so a newcomer's room starts on arrival, not back in 2009 when the scheme began.

There's no rollover

It's worth being explicit about this because it trips people up: there is no mechanism to move KiwiSaver funds directly into an RRSP or TFSA and have them treated as a special transfer. Withdrawn KiwiSaver money is just cash once it lands in your bank account. If you then contribute it to an RRSP or TFSA, it counts against your ordinary Canadian contribution room like any other deposit, no more, no less.

1. 1

   Get your SIN first

   You can't open an RRSP or TFSA without one, so this is step one once you land.

2. 2

   Open a TFSA as soon as you're a tax resident

   There's no income requirement and no wait for room to start building, so there's little downside to opening one early even with a small balance.

3. 3

   Decide on your KiwiSaver at the 12-month mark

   Leave it invested, or apply for a permanent emigration withdrawal once you're eligible. There's no rush to decide before then.

4. 4

   Get cross-border tax advice before moving money

   Especially before withdrawing KiwiSaver funds or making a large RRSP contribution, a specialist can confirm how it's taxed on both sides.

The bottom line

Your KiwiSaver stays in New Zealand and needs an active decision, not automatic portability like the Australian corridor offers. RRSPs and TFSAs are worth opening early once you're settled, but they're voluntary accounts you build from scratch, not something your KiwiSaver rolls into. Treat the two systems as separate until a specialist tells you otherwise.

Move Between helps New Zealanders and Canadians navigate international relocation. Browse our guides, checklists, and visa resources to plan your move with confidence.

Related Reading

Moving from New Zealand to Canada: The Complete 2026 Guide

Tax in Canada: What New Zealanders Need to Know in Their First Year

Banking in Canada for New Zealanders: Accounts, Transfers, and Getting Set Up

Getting Your Social Insurance Number in Canada: What New Zealanders Need to Know