Immigration/two country accountants/financial advisors?
Oct 20th 2019, 9:39 pm
#1
BE Enthusiast
Thread Starter
Joined: Jan 2019
Posts: 432
Immigration/two country accountants/financial advisors?
Not wanting to get ahead of myself here - but also aware of how massive a task this could potentially be, are there any people (or resources if we view accountants/financial advisors to have the same worth as immigration consultants) to advise on tax implications/investments/incomes from the UK whilst living in Canada.
I'm in the fairly lucky position that whilst i've currently only got around $45,000 CAD in tangible funds to my name (its normally much lower but have been stockpiling cash in a savings account waiting for an ITA) across my primary residence, rental properties, an empty house, UK investments, shares, premium bonds and high value assets I have significantly more - on a good day i would say its in excess of $1,000,000 CAD but even carrying out a fire sale, providing brexit doesn't tank my investments i would we are looking at $800,000+
Now i understand very simply the whole accompanying goods, and goods to follow list. I've sort of understood any property in the UK i should get valued prior to landing, then if i was to sell it down the line, i would be liable for CGT on the increase in value (in CAD not GBP I believe) - but the rest of it i haven't got a clue/wouldn't know where to start on how it all works. originally i was planning to sell and cash in everything in the UK and turn up there with a big bank account, a backpack full of clothes and a basset hound - get off the plane, buy a pickup truck and figure it out from there!! but putting my sensible head back on for a minute I am not sure that is the easiest (in terms of evicting tenants/selling property with tenants living in) or best (financially/tax wise) solution.
Property wise as i see it I have several options.
1) sell everything (or a whole property) and come over with the money.
2) paying off all mortgages i could rent out all properties for circa $4,000 CAD a month in profit. no debt on the properties in the UK and a reasonable income off the properties (although potentially volatile to exchange rate swings both in what I own and the income)
3) I could leave mortgages i currently have running (or load them up even more) and come out with a large amount of money out of the properties and a mortgage on them being paid by the rent (mortgage terms etc would dictate how much profit these would bring) - in the UK this is currently the preferred option as there is some tax relief on the interest charged on mortgages, it would also be relatively stable in the fact that whilst by the time the properties were paid off things could have changed hugely value wise, Id have taken most of the value of the houses across when i moved and the rental income would largely be just rebuilding equity in them houses. but not sure how that works cross borders with regards tax savings etc.
Likewise stocks and shares ISA's, investment bonds etc all have their own T&C's for UK HRMC - but trying to understand how it would apply in Canada I am lost.
I'm not expecting anyone on here to have the answers (although if you do, I'd be over the moon) - but a nudge in the right direction towards how to get started would be brilliant.
I'm in the fairly lucky position that whilst i've currently only got around $45,000 CAD in tangible funds to my name (its normally much lower but have been stockpiling cash in a savings account waiting for an ITA) across my primary residence, rental properties, an empty house, UK investments, shares, premium bonds and high value assets I have significantly more - on a good day i would say its in excess of $1,000,000 CAD but even carrying out a fire sale, providing brexit doesn't tank my investments i would we are looking at $800,000+
Now i understand very simply the whole accompanying goods, and goods to follow list. I've sort of understood any property in the UK i should get valued prior to landing, then if i was to sell it down the line, i would be liable for CGT on the increase in value (in CAD not GBP I believe) - but the rest of it i haven't got a clue/wouldn't know where to start on how it all works. originally i was planning to sell and cash in everything in the UK and turn up there with a big bank account, a backpack full of clothes and a basset hound - get off the plane, buy a pickup truck and figure it out from there!! but putting my sensible head back on for a minute I am not sure that is the easiest (in terms of evicting tenants/selling property with tenants living in) or best (financially/tax wise) solution.
Property wise as i see it I have several options.
1) sell everything (or a whole property) and come over with the money.
2) paying off all mortgages i could rent out all properties for circa $4,000 CAD a month in profit. no debt on the properties in the UK and a reasonable income off the properties (although potentially volatile to exchange rate swings both in what I own and the income)
3) I could leave mortgages i currently have running (or load them up even more) and come out with a large amount of money out of the properties and a mortgage on them being paid by the rent (mortgage terms etc would dictate how much profit these would bring) - in the UK this is currently the preferred option as there is some tax relief on the interest charged on mortgages, it would also be relatively stable in the fact that whilst by the time the properties were paid off things could have changed hugely value wise, Id have taken most of the value of the houses across when i moved and the rental income would largely be just rebuilding equity in them houses. but not sure how that works cross borders with regards tax savings etc.
Likewise stocks and shares ISA's, investment bonds etc all have their own T&C's for UK HRMC - but trying to understand how it would apply in Canada I am lost.
I'm not expecting anyone on here to have the answers (although if you do, I'd be over the moon) - but a nudge in the right direction towards how to get started would be brilliant.
Oct 20th 2019, 10:59 pm
#2
Banned
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Re: Immigration/two country accountants/financial advisors?
Oct 20th 2019, 11:10 pm
#3
Assimilated Pauper
Joined: Mar 2005
Location: Ontario
Posts: 40,018
Re: Immigration/two country accountants/financial advisors?
If you are willing to spend $1,000-$2,000 on an initial tax plan send me a PM and I'll point you to someone who can answer these questions and who will work by email. (I'm not connected to him or his firm other than by a feeling that they did a good job for me). Internet answers are much cheaper of course.
