Exit tax when leaving Canada
#1
Just Joined
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Joined: Jun 2017
Posts: 20
Exit tax when leaving Canada
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
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
#2
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Joined: May 2012
Location: South Bucks
Posts: 1,654
Re: Back 3.5 months after 10 years in Canada
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.
#3
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Joined: Jun 2017
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Re: Back 3.5 months after 10 years in Canada
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!
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!
#4
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Joined: May 2012
Location: South Bucks
Posts: 1,654
Re: Back 3.5 months after 10 years in Canada
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!
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!
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.
#5
re: Exit tax when leaving Canada
Moved your query and replies to the relevant forum. Useful info that would be lost for others.
#6
Joined: Sep 2008
Posts: 12,830
re: Exit tax when leaving Canada
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.
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.
#7
Just Joined
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Joined: Jun 2017
Posts: 20
Re: Exit tax when leaving Canada
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 !!
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 !!
#8
Lost in BE Cyberspace
Joined: Nov 2011
Location: Somewhere between Vancouver & St Johns
Posts: 19,850
Re: Exit tax when leaving Canada
Try the Moving Back to the UK thread.
#9
Forum Regular
Joined: Nov 2007
Location: kingsville, ontario
Posts: 250
Re: Exit tax when leaving Canada
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.
#10
Re: Exit tax when leaving Canada
https://www.canada.ca/en/revenue-age...-property.html
If your property has gone down in value, obviously there is no capital gain.
If your property has gone down in value, obviously there is no capital gain.