simbiantbeing

Hi All.

I am confused. I dont know what to ask, or how to do it!

My wife and I will be moving to NS in September and will want to transfer our £60,000 over there.

How do we do it, do I get taxed on it in Canada, or is it all mine, etc etc etc....

A dummies guide to this would be great!

Thanks everyone.

JAJ

Transferring your own money from one place to another isn't income so why do you think it would be taxed?

simbiantbeing

Just something I read on another expat site........I may have misinterpreted it.

Living in the UK, you get used to being scammed by the Inland Revenue, so just wanted to check!

I just cant wait to leave this country, I just like all the facts.

Si.

Rob_999

Theres no tax on transferring money from UK to Canada. Just think of it like transferring cash from one bank account to another - you wouldn't get taxed on that would you?

Step one you'll need to open a Canadian account (search the forums on this). Then for thactual transfer you have several options.

1) Walk into UK bank and ask them to wire funds to your Canadian bank. This is probably the easiest, but most expensive (you won't get a very good exchange rate)

2) Use a specialist FX trader such as MoneyCorp/HiFX/Customs house. Google these and check out thier websites, it explains how the process works. Its a little bit more hassle, but you should get a better rate.

JAJ

If that's your attitude towards paying your taxes, are you sure you've picked the right country? You may be disappointed in your dealings with the Canadian tax authority.

johnh009

Don't like the Inland Revenue - eh. Don't think the Canada Revenue Agency is any better. You may be even more disappointed.

Mrs Muesli

Go to Google, and type in Currency Broker. Have a look at the different ones, give them a ring and ask for their help. They are usually very friendly and helpful, and in my experience their services are FREE; they usually charge only on transfers of less than £3000. The money is not taxable, but bring proof of the source of your funds otherwise the Canadian bank may freeeze your account.
Good luck

simbiantbeing

Thanks to the people with decent advice.

To the other respondant who has come on Expat to make people feel stupid and ignorant, I NEVER shirk paying taxes, and it was just a question JAJ!!

If thats the way you respond to enquiries on this website, maybe you shouldn't be a Moderator.

The whole reason we asked the question was so we didn't shirk our responsibilities, as we run our business and our own Inland Revenue cant be bothered to do the job they are supposed to, then one tends to ask these questions.

So JAJ, Do not assume I have an attitude. You are the one with the ignorant and distasteful attitude.

We all have alot of questions we dont know the answers to and this doesnt exactly encourage us to find out. Have a bit more respect with your responses, so called moderator.

Atlantic Xpat

Actually I think you've missed the point. It's not about having an attitude to wanting to avoid or not avoid paying taxes, rather than taxation in Canada is every bit as insidious and generally, well, taxing, as in the UK. Coming here with an impression that the tax situation is less complex or onerous than in the UK is going to result in a shock!