Canadian taxes, is HSBC best bank and a few other questions!
#1
Forum Regular
Thread Starter
Joined: Oct 2005
Location: Petawawa, ON
Posts: 257
Canadian taxes, is HSBC best bank and a few other questions!
It looks like we are moving back to the UK this summer. Just trying to figure out a few things this end. We've been in Canada for six years and have no bank account in the UK. I've seen on a few posts that people recommend opening an account with HSBC in Canada, and also opening up a UK account with them at the same time, is this right? We currently bank with CIBC.
Is it wise to file our 2015 taxes before we leave Canada? I'm guessing we should also let CRB know that we are leaving so that they can stop our child tax benefit?
What about the UK, do we have to wait a period of time before we can claim child benefit again/child tax credit again?
We are going to get no claims letters from our car and house insurers here, plus a police criminal check, so as to not hold up employment checks in the UK.
Is there anything else that we are missing that we should do/get this end before we leave? (other than sell the house and ship goods!!!!)
Is it worth getting a credit check done? Would the UK even be interested in that?
Is it wise to file our 2015 taxes before we leave Canada? I'm guessing we should also let CRB know that we are leaving so that they can stop our child tax benefit?
What about the UK, do we have to wait a period of time before we can claim child benefit again/child tax credit again?
We are going to get no claims letters from our car and house insurers here, plus a police criminal check, so as to not hold up employment checks in the UK.
Is there anything else that we are missing that we should do/get this end before we leave? (other than sell the house and ship goods!!!!)
Is it worth getting a credit check done? Would the UK even be interested in that?
#2
Re: Canadian taxes, is HSBC best bank and a few other questions!
It looks like we are moving back to the UK this summer. Just trying to figure out a few things this end. We've been in Canada for six years and have no bank account in the UK. I've seen on a few posts that people recommend opening an account with HSBC in Canada, and also opening up a UK account with them at the same time, is this right? We currently bank with CIBC.
http://www.hsbc.ca/1/2/personal/banking/hsbc-advance
http://www.hsbc.ca/1/2/personal/banking/hsbc-premier
Canada related: the following links & the links within it
Leaving Canada (emigrants)
child tax benefit Q&A
Canada child tax benefit (CCTB)
other Canada related items that go with residency & any support payment benefits you may get
Residency
If there are uncertainties about where an individual is residing, the CRA may need to confirm that the individual is considered a resident of Canada for tax purposes.
If you are contacted and requested to support your residential status, the following documentation may be requested:
A completed Form NR73, NR73 - Determination of Residency Status (Leaving Canada) (Leaving Canada), which includes:
The purpose of your stay outside Canada.
List of the ties you maintained in Canada during any absence such as:
health care coverage;
driver's license;
availability of a residence;
memberships in social or professional organizations;
bank accounts.
Other ties to Canada and abroad.
UK related items
https://www.citizensadvice.org.uk/be...esidence-test/
https://www.citizensadvice.org.uk/be...-and-children/
.
Last edited by not2old; Jul 3rd 2015 at 3:03 pm. Reason: added to the thread
#3
Forum Regular
Thread Starter
Joined: Oct 2005
Location: Petawawa, ON
Posts: 257
Re: Canadian taxes, is HSBC best bank and a few other questions!
Thanks so much!
#4
Re: Canadian taxes, is HSBC best bank and a few other questions!
If you own your home, then try to sell your house, and have the cash in your sticky little mitts before you leave Canada.
As best as I understand, if you leave the country and then sell the house later after you are no longer classed as a resident, then up to 25% of the proceeds can be legally withheld from you, until you file your tax return (usually the following year but I think you can do it anytime).
There are few previous threads on this...it's to do with the old primary residence and capital gains tax (which might be owing) issues.
Just try and flog the house.
Leaving Canada (emigrants)
and we even some info on our own BE wiki
Tax and House Sales-Canada : British Expat Wiki
As best as I understand, if you leave the country and then sell the house later after you are no longer classed as a resident, then up to 25% of the proceeds can be legally withheld from you, until you file your tax return (usually the following year but I think you can do it anytime).
There are few previous threads on this...it's to do with the old primary residence and capital gains tax (which might be owing) issues.
Just try and flog the house.
Leaving Canada (emigrants)
and we even some info on our own BE wiki
Tax and House Sales-Canada : British Expat Wiki
#5
BE Enthusiast
Joined: Dec 2002
Posts: 481
Re: Canadian taxes, is HSBC best bank and a few other questions!
Yes when we sold we were told to tell them a Canadian forwarding address otherwise they would withhold 25% as mentioned above and to sell before we left, not after.
We opened up HSBC six months before moving and opened all UK accounts with them before we travelled back, transferred bulk of money with Halo though as better exchange.
HTH
We opened up HSBC six months before moving and opened all UK accounts with them before we travelled back, transferred bulk of money with Halo though as better exchange.
HTH
#6
Forum Regular
Thread Starter
Joined: Oct 2005
Location: Petawawa, ON
Posts: 257
Re: Canadian taxes, is HSBC best bank and a few other questions!
What type of account did you open with HSBC? When we spoke woth someone at the local branch they said we needed to open an Advance account, but they would only do that if we put $25,000 in it. Well, we don't have that kind of money, it's all tied up in the house. Did you open UK accounts before you left Canada, or once you got in the UK it was easy to open an account because of the Canadian one?
Thank you ann m and Daisy Moll for info about the house sale, that's very helpful to know.
Thank you ann m and Daisy Moll for info about the house sale, that's very helpful to know.