Originally Posted by el_richo
That's not true (in my experience). My wife returned with items worth more than that of which she'd taken to the UK with her from Canada. She also returned with other items bought in Europe that were worth much more than that.
The customs lady confirmed we were good to go.
Taken from the manual
16. If an article meets all the conditions of tariff item No. 9805.00.00 but its value for duty exceeds $10,000, it is not classified under tariff item No. 9805.00.00. Instead, section 84 of the Customs Tariff applies and the article is classified under Chapters 1 to 97 of the Customs Tariff, and its value for duty is reduced by $10,000. Duties therefore apply only to the portion of the value that exceeds $10,000.
This is for former residents of Canada coming back to establish a residence.
It is not to be confused with the returning residents exemptions who are living in Canada i.e. the 48 hr and 7 day exemptions.