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Brit who is PR Canada: maintaining a UK business & Canadian one

Brit who is PR Canada: maintaining a UK business & Canadian one

Old Feb 25th 2021, 8:43 pm
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Question Brit who is PR Canada: maintaining a UK business & Canadian one

Hi,
I'm a British Citizen living in Canada with my husband my spousal PR is in progress and should arrive in next few months.

I have a sole trader business in the UK and a rental property there. My aim is to keep my UK business running within the UK once I get the PR as i plan to travel home for about a quarter of each year to spend time with my elderly parents, and this way I have UK income for when I get there - plus my rental property will be staying there anyway.

Once I get my residency I plan to set up an equivalent business in BC for all Canadian and US clients, this will have my main focus and provide my main income here in Canada.

I am looking for an accountant/ business advisor anyone who I can speak to about this proposed idea to find out if its possible, what the best structure would be for it and financial implications.

Has anyone been through similar and able to advise?

Thanks, Emma
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Old Feb 25th 2021, 11:31 pm
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Default Re: Brit who is PR Canada: maintaining a UK business & Canadian one

Originally Posted by em_dav View Post
Hi,
I'm a British Citizen living in Canada with my husband my spousal PR is in progress and should arrive in next few months.

I have a sole trader business in the UK and a rental property there. My aim is to keep my UK business running within the UK once I get the PR as i plan to travel home for about a quarter of each year to spend time with my elderly parents, and this way I have UK income for when I get there - plus my rental property will be staying there anyway.

Once I get my residency I plan to set up an equivalent business in BC for all Canadian and US clients, this will have my main focus and provide my main income here in Canada.

I am looking for an accountant/ business advisor anyone who I can speak to about this proposed idea to find out if its possible, what the best structure would be for it and financial implications.

Has anyone been through similar and able to advise?

Thanks, Emma
Hello and welcome to BE!
You will pay taxes on your world income, in Canada.
You will pay taxes on any assets that are valued *combined value - in excess of $100,000 overseas - huge penalties for not disclosing and declaring, so be aware!
As a sole trader (self employed) there is no requirement to incorporate in BC. https://smallbusinessbc.ca/article/h...-requirements/

You may find the Revenue Canada website of use https://www.canada.ca/en/revenue-age...mmigrants.html
https://www.canada.ca/en/revenue-age...ed-income.html

There are lots of posts on the subject of having business in the UK whilst residing in Canada if you do a quick search
If you intend to resume residency in the UK for part of the year, be careful you don't go over the limit and end up having to pay taxes there too.
We have a great section on Taxes in our wiki > https://britishexpats.com/wiki/Category:Taxes-Canada



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