Hi

A couple of questions which i was not able to find in the forums.

As a Canadian living in the Uk, I am still resident in Canada for tax purposes thus both countries tax me on my worldwide income. The double taxation treaty reduces this but:

Is my rrsp (capital gains, interest and dividends) taxable in the Uk? , I am assuming from the forums that my ISA is taxable in Canada

i must declare my uk income on my Canadian income tax but I can deduct uk taxes paid (does this include uk income tax, NI contributions and council tax)?

since i pay canadian tax on canadian dividends and investment income do I still need to declare this to the uk?

if I have capital gains in Canada under the uk exemption thresholds do i still need to declare this to the uk?

Thanks

I think you need an International Tax Advisor. They could probably save you a lot of money (and hassle / worry).

I don't know UK legislation well enough to quote chapter and verse, but my gut feeling is that capital gains, interest and dividends within the RRSP will not be taxable in the UK as long as they remain within the scheme.

In Canada you do not need to declare similar income within a registered pension scheme in the UK so I assume the same is true in the UK. But, it's only an assumption.

Why not call HMRC to ask them?

That is my understanding.

No, income tax only. Your liability for UK NI contributions is completely different from tax legislation. It depends on why you are in the UK and how long you have been/will be there. Equally, you liability for CPP/EI premiums is determined differently to your liability for Canadian income tax. Council tax is a payment for local services in the UK and you are stuck with that.

Yes.

Yes, you still need to complete the Capital Gains pages of the UK tax return, but if they are below the CGT threshold in the UK you will have no UK tax to pay.

I generally agree that if you have tax problems the best course of action is to consult a tax professional.

The difficulty is finding someone with sufficient knowledge of both country's tax frameworks to give good advice.

The big firms will have experts, but their expertise is more aimed at corporations and very wealthy individuals. They are likely to charge several hundreds of pounds an hour. I know one international tax accountant in London who charges $950 an hour (+ VAT).

There is a lot to be said for calling HMRC or CRA for their advice. They won't tell you about loopholes, but they are both generous with advice to people who are trying their best to get their tax returns right.

Do you want to establish yourself as non-resident in Canada? Have you retained residential ties to Canada?

I did wonder if this was the appropriate advice. However, the OP seems to have capital assets in Canada so could be subject to the deemed disposition rules if (s)he became non resident.