Acountants

Old Feb 9th 2021, 7:50 pm
  #1  
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Default Acountants

Hello all,

does anyone have any accountants they could recommend in New Brunswick who might be OK with UK/Canada tax stuff? Tax doesn't have to be taxing....yeah right!

Briefly, I became PR in August 2016 but have continued to operate my company in the UK since moving to Canada - I (as in my accountant in the UK) have been filing my taxes with HMRC and I have subsequently been paying them in the UK. So, it appears that I should have also been filing tax returns here in Canada - I have zero work or income in Canada. Where do I start? I would like to get everything sorted out correctly?

Cheers all
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Old Feb 10th 2021, 2:52 am
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Default Re: Acountants

Originally Posted by Daveckj View Post
Hello all,

does anyone have any accountants they could recommend in New Brunswick who might be OK with UK/Canada tax stuff? Tax doesn't have to be taxing....yeah right!

Briefly, I became PR in August 2016 but have continued to operate my company in the UK since moving to Canada - I (as in my accountant in the UK) have been filing my taxes with HMRC and I have subsequently been paying them in the UK. So, it appears that I should have also been filing tax returns here in Canada - I have zero work or income in Canada. Where do I start? I would like to get everything sorted out correctly?

Cheers all
Ouch - you could potentially have a big problem. You are required to file tax returns annually and pay taxes on World Income. Under the dual taxation agreement, you can get a 'credit' for taxes paid in the UK - you will need to submit a form for each year you are claiming the taxes paid against taxes due. More info on that can be found in our wiki: https://britishexpats.com/wiki/Taxes...gration-Canada

Additionally, if you have assets valued at $100,000 or more outside of Canada you are required to report it annually, and pay taxes on any increase in value - there are big penalties for not doing so. https://britishexpats.com/wiki/Forei...porting-Canada

You will need to submit complete voluntary disclosure - https://www.canada.ca/en/revenue-age...-overview.html

General info on submitting tax returns : https://www.canada.ca/en/revenue-age...migrants.htmld
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Old Feb 12th 2021, 1:56 pm
  #3  
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Default Re: Acountants

Originally Posted by Siouxie View Post
Ouch - you could potentially have a big problem. You are required to file tax returns annually and pay taxes on World Income. Under the dual taxation agreement, you can get a 'credit' for taxes paid in the UK - you will need to submit a form for each year you are claiming the taxes paid against taxes due. More info on that can be found in our wiki: https://britishexpats.com/wiki/Taxes...gration-Canada

Additionally, if you have assets valued at $100,000 or more outside of Canada you are required to report it annually, and pay taxes on any increase in value - there are big penalties for not doing so. https://britishexpats.com/wiki/Forei...porting-Canada

You will need to submit complete voluntary disclosure - https://www.canada.ca/en/revenue-age...-overview.html

General info on submitting tax returns : https://www.canada.ca/en/revenue-age...migrants.htmld
Thanks Siouxie

I have my tax returns etc from HMRC - all up to date. Think i might need to seek professional advice about how to correct this. I don't have any assets in the UK - apart from a £1800 Caravan I use to live in when I return to the UK for work. My tax bills in the UK were never more than £2000 per annum for the periods in question.

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