Can anyone explain this to me in simple terms please?

As I understand it, the day before I move on, it's assumed I sell everything I own and any financial gains I've made are taxed at 50% in my final return. So if for example buy a house, C$100K and its worth C$150K on the day I go, then my estate is taxed on that C$50K increase, there are no allowances like in the UK.

So is the amount of C$ I take over with me when I move irrelevant, it'll just be the gains I make when I'm living over there? If possible I don't want to leave anything to either the UK or Candian Govt's but to do that I need to understand how the Canadian system works. Thanks in advance.

Unclear if you are leaving the UK or Canada ? Also are you referring to Capital gains or Inheritance tax ?

Hi, leaving UK and Inheritance tax

So you have inherited property in the UK. You are leaving the UK. Once you realise the asset in Canada you want to know what you will be taxed ?

If that is the case, and you find you aren't liable for IT in the UK, then it has become your asset. The day you become resident in Canada a valuation would be done. Once you realise the asset when you are in Canada, you would be liable for Capital Gains Tax on 50% of the gain since becoming tax resident.

Hi, sorry, I'm probably not making myself clear, when I move to BC I'll be buying a home for around CAN$600,000. If that is then worth say CAN$700,000 when I depart, you're saying my estate would then be liable for 50% of that gain ie 50% of CAN$100,000?

No I didn't say that. Your main residence would not, as far as I am aware, be liable to CGT when you leave Canada.
For more info, a quick google shows this link
https://www.canada.ca/en/revenue-age...-property.html

Thanks, will do, sorry, when I said depart I meant when I died

When you die, there is, as far as I am aware, no inheritance tax in Canada, especially on your main residence. Lawyer/accountant can advise.

https://www.canada.ca/en/revenue-age...ve-a-gift.html
https://www.canada.ca/en/revenue-age...ons/t4011.html

There is Estate Tax - instead of Inheritance Tax. The Estate tax comes out of the assets of the estate, rather than the inheritor having to pay them.
These links explains it quite well : https://www.wealthsimple.com/en-ca/l...x-exist-canada
and https://retirehappy.ca/estate-inheritance-tax/

Principle residence key here yes ?