Moving money to Canada
Mar 22nd 2016, 10:56 am
#1
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Joined: Sep 2010
Posts: 76
Moving money to Canada
If one moves their money from the UK to Canada, is it taxed?
Say you sold you house in the UK in order to buy a house in Canada, would Canada tax you when you brought the money in?
Say you sold you house in the UK in order to buy a house in Canada, would Canada tax you when you brought the money in?
Mar 22nd 2016, 6:41 pm
#2
Lost in BE Cyberspace
Joined: May 2004
Posts: 9,708
Re: Moving money to Canada
Hi
1. In most cases no.
2. If you became a tax resident in Canada prior to the sale of the house, the difference between the valuation on the date you became residence, and the date the property was sold, would become taxable as capital gains.
1. In most cases no.
2. If you became a tax resident in Canada prior to the sale of the house, the difference between the valuation on the date you became residence, and the date the property was sold, would become taxable as capital gains.
Mar 22nd 2016, 6:51 pm
#3
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Joined: Sep 2010
Posts: 76
Re: Moving money to Canada
What is the definition of a tax resident? I am a Canadian citizen, but have never been there.
