Daisymoll...hello...we too are returning to uk, after living in Hamilton 9 years.
Could youtell me if you had to pay an exit tax when you sold your home? . We have been told it is 25%. Which would mean we get back less than we paid

If it is your main residence you do not pay. However if you own property anywhere else in world or have assets worldwide then at the time you leave Canada you will have to pay capital gains tax as you deem to have sold all your assets worldwide. We used an accountant to do our final exit and she helped us with forms and the capital gains tax.

Thanks feelbritish. I have a house I rent out in uk. I had it valued when I moved here and have the paperwork, but it is of less value now!! Should I have it revalued now, and hope CRA will accept the figures?
Will i pay CGT on the extra money I transfer into uk from the house sale here?
Thank you for your help....I panicked when i read what I did,,,,,thought it would be so easy to return, as coming to canada was the worst thing I ever did!

Hi yes get a valuation from an estate agent on their letterhead. CRA will accept that and work out how much it has increased/decreased and also you can take into account agent's selling fees and any other work you have to do in order to "hypothetically" sell. If you have a gain you then only pay a percentage of the gain, I think 50% and you also pay only what your tax rate is. If it is decresed then you can take that loss off your final tax statement. I cannot imagine any property loosing value in UK? It is complicated and may be worth getting an accountant or someone who knows what they are doing to help you.

It was the best thing we did keeping our house and renting it out because in the end we moved back there and prices went up and we would not have been able to afford to buy here had we wanted to come back to the same area.

BTW sorry you think it was the worse thing you did moving to Canada because that just adds to your impressions of the country whereas it could have been a good experience.

Moved your query and replies to the relevant forum. Useful info that would be lost for others.

https://www.theglobeandmail.com/glob...ticle22032765/

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

If you have significant assets, here and overseas (incl the UK), best to hire an accountant and plan your departure before leaving Canada. Otherwise it could be very expensive.

Could any returnees to uk advise me on international moving companies used and associated costs.
Also any returning advice would be helpful.......as anxious about getting it right to return as I was when I came here. Dont want to say. Oh heck!! Should of done that !!

Try the Moving Back to the UK thread.

we are also in the process of moving back. Using a company called Brytor out of Mississauga for shipping, they seem to have the best deal.

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

If your property has gone down in value, obviously there is no capital gain.