Canadian Tax Return
 

Hello, we have moved to B.C but have income from the UK,could anyone advise which form I require from my UK accountant to enter the info onto my Canadian tax return.Thanks.

Re: Canadian Tax Return
 

Income before you moved or after?
What type of income?
Was tax deducted?

Re: Canadian Tax Return
 

Thanks,

This income is from a rented property my wife & i own via our ltd company .We pay tax in the UK.

Re: Canadian Tax Return
 

Do you? Unusual, why doesn't your personal allowance cover the profit?

Re: Canadian Tax Return
 

Hello,

I think we will be covered by our allowences now we have left the UK but we still have to show earnings outside of canada even if tax has been paid.I just wondered if anyone new the form to use.Ta.

Re: Canadian Tax Return
 

Hi Eastlands

You'll need any and all income forms your UK accountant has as they should all be included on your tax Canadian tax return.

You may have already accounted for the Canadian tax rules regarding immigrating to Canada notably the requirement to adjust the cost base of all your assets to FMV at entry among other requirements. If not, ensure you get some good tax advice so you don't end up paying more tax on the disposal of the assets or end up unnecessarily paying tax to two countries.

Give me a call if you want to chat.

Cheers

Phil Hogan
Chartered Accountant

Re: Canadian Tax Return
 

If the property is owned by a limited company in the UK then the company will be resident in the UK and pays tax to HMRC on any profit it makes. You are only taxed in Canada on your income from that company.

If you pay yourself a salary then you should get a P60 from your UK accountant this should be entered on line 104 of your Canadian Tax return. If you get dividends you will enter them in section 2 on schedule 4 on you Canadian tax return.

I can't remember if there is a UK form for telling HMRC about dividends paid to non-residents. It doesn't really matter - you know how much you got so just enter it.

Also note that if your shares in the UK company are worth more than $100,000 you must file form T1135 with your Canadian return.

Re: Canadian Tax Return
 

Great answer ,thanks.