bringing money into canada
Quick question, when we sell our house in England and money sent over to our account here in Canada, are we taxed on it????
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Re: bringing money into canada
Not if you declared it on your original landing documents as money you are bringing into Canada.
We still have a house to sell in the UK. I included the equity in the amount we are bringing. I dont think there is a time limit to it, but not sure. |
Re: bringing money into canada
Originally Posted by pollyb
(Post 9174128)
Quick question, when we sell our house in England and money sent over to our account here in Canada, are we taxed on it????
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Re: bringing money into canada
Originally Posted by Gary and Suzie
(Post 9174555)
Not if you declared it on your original landing documents as money you are bringing into Canada.
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Re: bringing money into canada
Originally Posted by pollyb
(Post 9174128)
Quick question, when we sell our house in England and money sent over to our account here in Canada, are we taxed on it????
If you send the money after you have moved here the, as Johnh009 said, you may have a taxable capital gain or allowable capital loss if the exchange rate is different from the rate on the day you moved here. If you sell the house after you move to Canada you may also have a capital gain/loss based on the difference between the market value of the house when you moved and the sale price you achieved. |
Re: bringing money into canada
Originally Posted by pollyb
(Post 9174128)
Quick question, when we sell our house in England and money sent over to our account here in Canada, are we taxed on it????
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Re: bringing money into canada
Originally Posted by JonboyE
(Post 9175736)
If you send the money to Canada before you move here then no.
If you send the money after you have moved here the, as Johnh009 said, you may have a taxable capital gain or allowable capital loss if the exchange rate is different from the rate on the day you moved here. If you sell the house after you move to Canada you may also have a capital gain/loss based on the difference between the market value of the house when you moved and the sale price you achieved. |
Re: bringing money into canada
Originally Posted by singingringingtree
(Post 9175871)
Jonboy - My OH gets a tax-free lump sum (in the UK) on retirement from the police and we have been told not to move to Canada until it is in the bank to avoid paying tax on it in Canada - have we been given the correct advice? Any advice would be appreciated.
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Re: bringing money into canada
Originally Posted by JonboyE
(Post 9175888)
Yes, you have been given the right advice. The lump sum is tax-free under UK law, not Canadian. If you receive it after you have become tax-resident in Canada it is taxable income here.
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Re: bringing money into canada
Originally Posted by JonboyE
(Post 9175888)
Yes, you have been given the right advice. The lump sum is tax-free under UK law, not Canadian. If you receive it after you have become tax-resident in Canada it is taxable income here.
My OH will complete his landing trip end of March then return to England for about 6 to 8 wks. before returning to Canada to stay. At this point we are not sure if he will receive his lump sum tax free portion of his pension before he leaves on his final trip. If not, it will be sent to our Canadian address a few wks later. He could put off applying for a S.I.N. until he receives it or is it best to wait it out until he gets it there? Could he record this amount on his goods to follow list, and if he has not recieved it, just have it sent to Canada? Does that cover the tax problem?:confused: |
Re: bringing money into canada
Originally Posted by J2J
(Post 9179176)
Could you please explain to me at exactly what point do you become a "tax-resident in Canada"
My OH will complete his landing trip end of March then return to England for about 6 to 8 wks. before returning to Canada to stay. At this point we are not sure if he will receive his lump sum tax free portion of his pension before he leaves on his final trip. If not, it will be sent to our Canadian address a few wks later. He could put off applying for a S.I.N. until he receives it or is it best to wait it out until he gets it there? Could he record this amount on his goods to follow list, and if he has not recieved it, just have it sent to Canada? Does that cover the tax problem?:confused: |
Re: bringing money into canada
Originally Posted by Alan2005
(Post 9179201)
The day he moves there to live permanently is the date he will become resident for tax purposes. If he plans to return to the UK after landing and spends his time whilst here in temporary accommodation (hotels and such) then he is not yet resident. The way I see it is that if you go by what a reasonable person would consider to be "resident" then you won't go far wrong.
If the amount involved is substantial then it will be worthwhile delaying the final move over until the cheque is safely deposited in his bank account. |
Re: bringing money into canada
Thank you so much. Yes we will make sure that the money is in the bank acct before his final move in the summer, but I don't think it will be in before his landing trip at the end of March. (staying for 2 wks) He will still be employed in England for the 8 wks after before he returns for his final move here. That is when he actually retires. Do you think that would make the tax free lump sum free from being taxed in Canada?
I'm still a bit confused, are you suggesting he cancel his landing trip at the end of March if the tax free lump sum isn't in his acct? or just make sure he has it in his acct before his final trip? |
Re: bringing money into canada
Originally Posted by J2J
(Post 9183350)
Thank you so much. Yes we will make sure that the money is in the bank acct before his final move in the summer, but I don't think it will be in before his landing trip at the end of March. (staying for 2 wks) He will still be employed in England for the 8 wks after before he returns for his final move here. That is when he actually retires. Do you think that would make the tax free lump sum free from being taxed in Canada?
I'm still a bit confused, are you suggesting he cancel his landing trip at the end of March if the tax free lump sum isn't in his acct? or just make sure he has it in his acct before his final trip? |
Re: bringing money into canada
Not to hijack this thread but we move in 3 months, we landed last year but returned to the UK to finalise things, my wife makes a pre moving trip in April and then we both move in May, could we withdraw our funds and take them with us to Canada and deposit them in our bank accounts there, I know we are required to declare more than $10000 so if we were to take less than $10000 per trip in £'s, could we? And will there be any tax implications???? Also anyone know if our exchange rate is better this way exchanging £'s at a Canadian bank into our account or through a Moneycorp, Hifx, halo etc???
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