Canadian Tax Return
#1
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Joined: Dec 2008
Posts: 30
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.
#3
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Joined: Dec 2008
Posts: 30
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.
This income is from a rented property my wife & i own via our ltd company .We pay tax in the UK.
#5
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Joined: Dec 2008
Posts: 30
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.
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.
#6
Just Joined
Joined: Dec 2009
Location: Victoria BC
Posts: 3
Re: Canadian Tax Return
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
Last edited by christmasoompa; Jan 12th 2010 at 6:45 am. Reason: URL & tel no removed - please read the site rules regarding advertising.
#7
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: Canadian Tax Return
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.
Last edited by JonboyE; Jan 12th 2010 at 4:01 pm.
#8
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Joined: Dec 2008
Posts: 30
Re: Canadian Tax Return
Great answer ,thanks.