Money from UK being TAXED
Feb 12th 2008, 10:47 pm
#1
Forum Regular
Thread Starter
Joined: Jul 2005
Location: Bedford, UK -> Toronto CA
Posts: 101
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
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
Feb 12th 2008, 11:01 pm
#2
BE Forum Addict
Joined: Feb 2007
Posts: 2,710
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
I have written a bit on this in the past and it may even be in the financial wiki
Gryphea
Feb 13th 2008, 12:46 am
#3
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Re: 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
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
Wiki here http://britishexpats.com/wiki/Tax_and_House_Sales
Last edited by JonboyE; Feb 13th 2008 at 12:51 am.
Feb 13th 2008, 3:37 am
#4
BE Forum Addict
Joined: Nov 2006
Location: Nusajaya
Posts: 2,327
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
Wiki here http://britishexpats.com/wiki/Tax_and_House_Sales
Feb 13th 2008, 10:24 am
#5
Forum Regular
Thread Starter
Joined: Jul 2005
Location: Bedford, UK -> Toronto CA
Posts: 101
Re: Money from UK being TAXED
Around six weeks, going to read that page now
Feb 13th 2008, 3:22 pm
#6
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
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.
Feb 13th 2008, 3:23 pm
#7
Binned by Muderators
Joined: Jul 2007
Location: White Rock BC
Posts: 11,682
Feb 14th 2008, 9:07 am
#8
C'mon already
Joined: Aug 2006
Location: The Asylum
Posts: 841
Re: 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
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
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
(but then I haven't been there to open my mail yet!!
)Bob
Feb 14th 2008, 10:55 am
#9
Forum Regular
Thread Starter
Joined: Jul 2005
Location: Bedford, UK -> Toronto CA
Posts: 101
Re: Money from UK being TAXED
Thanks for all your reply
This moneycorp sounds interesting, anyone else used them? what the webaddress?
This moneycorp sounds interesting, anyone else used them? what the webaddress?
Feb 14th 2008, 11:36 am
#10
C'mon already
Joined: Aug 2006
Location: The Asylum
Posts: 841
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
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
