ConfusedAsAllHeck

Hello,

I want to liquidate my UK business through Members Voluntary Liquidation process which would treat my retained profits as capital gains as far as the UK is concerned. I am worried that the canadian revenue agency might treat this as foreign income and charge me a hefty tax bil . Does anyone have experience in winding up their UK small business from Canada when a resident of Canada for tax purposes and can advise how they handled the tax situation?

Thanks

greenfreelander

Hi
So we had hubby working as self employed and I had a Ltd company.
When we started the process of moving to Canada, our Accountant worked wonders for us.
We left no debt behind (just in case we ever need to return, but DO NOT plan too!) made sure creditcards/council tax/bank and Tax office where all up to date on us.
When we arrived in Canada, our 1st return was straight forward (again we used an accountant as we are still not 100% on all the tax stuff here)
BUT
in year 2..the Canada Revenue Agency wanted a copy of all returns from the year previous to our arrival.
Which they couldn't understand!!

So it then got the International Tax Office involved (somewhere in Ontario!?) who processed it...
They accepted our UK return (this is where the UK accountant was worth her weight in gold!) we had no UK property/investments etc or major monies to move.

IT was a 'ball-ache' but being on top of all the paperwork and having shipped it with us was a HUGE bonus.

Are you in Canada?
and how long??
Also if you have not arrived as yet make sure you keep ALL paperwork that even hints at you business accounting...
Hit Google hard and do as much home work as possible...

Siouxie

https://www.canada.ca/en/revenue-age...mmigrants.html

https://britishexpats.com/wiki/Category:Taxes-Canada


https://www.canada.ca/en/revenue-age...-treaties.html