Money from UK being TAXED
 

Hi

My house sale in the UK is almost complete, I'm living in Canada now.

RBC that I bank with say I may be TAXed then my money is trasnfered to my account.

Can they TAX me or is this just a way of trying to take money from me?

How can I get my money to Canada without losing some of it, the exchange rate is bad enough.

I'f I'm taxed this affects how much I can put down.

Anyone have an idea of how much the TAX maybe?

R

Re: Money from UK being TAXED
 

This could be capital gains tax and you may be liable for part of the capital gain on your house if you have lived in canada for more than 1 year.

I have written a bit on this in the past and it may even be in the financial wiki

Gryphea

Re: Money from UK being TAXED
 

How long is it since you came to Canada? You are liable for tax on 1/2 the capital gain from the day you arrived in Canada to the day you sell your UK house. If is just a couple of months or so there is very likely no capital gain and therefore no tax.

Wiki here http://britishexpats.com/wiki/Tax_and_House_Sales

Re: Money from UK being TAXED
 

Daylight robbery.

Re: Money from UK being TAXED
 

Around six weeks, going to read that page now

Re: Money from UK being TAXED
 

No worries then. Fair market value on the day you landed will be the same as the selling price. I wouldn't even bother to mention it on your tax return. The bank have no right to deduct any tax from these funds so if they do then scream blue murder.

Re: Money from UK being TAXED
 

Why?

Re: Money from UK being TAXED
 

Hi
We bought just before Christmas, and we transferred our money straight to the solicitor by moneycorp. We also bank with RBC but bypassed them completely so they never knew. You can book an advanced rate well ahead which helps. I haven't had any snotty tax man letters yet :thumbsup:(but then I haven't been there to open my mail yet!!:blink:)

Bob

Re: Money from UK being TAXED
 

Thanks for all your reply

This moneycorp sounds interesting, anyone else used them? what the webaddress?

Re: Money from UK being TAXED
 

www.moneycorp.com

There are others that do it as well, hifx, and your own bank should, search the forums and Shop around for best deals. Check with your Canadian Lawyer as well.

Bob