Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

mulling future retirement options can/uk split year

mulling future retirement options can/uk split year

Old Jun 9th 2021, 8:21 pm
  #1  
Forum Regular
Thread Starter
 
Joined: Nov 2003
Posts: 104
jeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond repute
Default mulling future retirement options can/uk split year

Hi
Curious for the thoughts of others

mulling future retirement options of a Can/UK split year

It is never to early to get a plan

is it better to do

7mths canada & 5 mths UK
or
7 mths UK & 5 mths Canada ?

mainly thinking tax and healthcare options

not weather

any thought/comments welcome

cheers
jeremy
jeremy brewer is offline  
Old Jun 10th 2021, 1:41 am
  #2  
Banned
 
Joined: Apr 2009
Location: SW Ontario
Posts: 19,879
Siouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond reputeSiouxie has a reputation beyond repute
Default Re: mulling future retirement options can/uk split year

You will be liable for Canadian taxes as long as you have 'ties' to Canada, regardless of where you might spend a few months a year.
https://www.canada.ca/en/revenue-age...cy-status.html

See also this thread
Splitting time/living in UK 'and' Canada?

You should also look into what the requirements are to retain Provincial Healthcare in your Province



Last edited by Siouxie; Jun 10th 2021 at 2:04 am.
Siouxie is offline  
Old Jun 10th 2021, 7:38 am
  #3  
Forum Regular
 
Joined: Jul 2005
Posts: 63
seascape is a jewel in the roughseascape is a jewel in the roughseascape is a jewel in the roughseascape is a jewel in the rough
Default Re: mulling future retirement options can/uk split year

Also looking to try doing this, would be 7 months UK and pre retirement so not quite the same. In our case would need private healthcare as far as I can make out. Can't yet figure out how driving licence would work, we would be based in NS when there.
seascape is offline  
Old Jun 10th 2021, 3:56 pm
  #4  
Forum Regular
Thread Starter
 
Joined: Nov 2003
Posts: 104
jeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond repute
Default Re: mulling future retirement options can/uk split year

Hi
Thanks for the info, every little helps,,I have about a year or so before it could happen
cheers
jerry
jeremy brewer is offline  
Old Jun 14th 2021, 2:46 am
  #5  
Just Joined
 
Joined: Feb 2019
Posts: 13
calgarycarole is an unknown quantity at this point
Default Re: mulling future retirement options can/uk split year

Hello.

We have been in Canada for 40 years - came in our twenties and now returning in our sixties. We do love Canada, but our adult kids are all over North and South Americas so we heading back to our siblings. We were in process when Covid hit, so we are still in Canada, but everything is organized, our house sold and our belongings in the UK in storage.

My husband is a retired CPA and the tax implications are quite large if you have RRSPs and other investments. We also had our own business so that also complicated things. Strongly advise you speak to a Canadian CPA who knows the tax implications. It took us four years to set things up.

If you are in the UK longer than about 90 days you are risking being assessed as a UK tax payer. Of course if you still own a home in Canada, bank accounts etc, the risk is low. But it’s there. That said the tax rates are similar and there is a tax agreement. If you purchase property in the UK, , the tax risk starts to kick in much sooner. And once you are a UK tax payer, there is inheritance tax to consider after you pass. Think carefully about this one.

In addition, if you own a property in Canada, and then purchase a property in the UK you pay an additional tax on the purchase of the UK home as you are deemed a second home owner.

I’ve no idea how we would have figured this all out if my husband was not a CPA.

There’s a lot to consider, and sometimes I think we are a bit crazy (especially as we will winter in our Mexican home). But roots are deep even after 40 years. We will be there by April 2022 as we will spend the next year in Mexico.

Good luck.
calgarycarole is offline  
Old Jun 23rd 2021, 6:00 pm
  #6  
Forum Regular
Thread Starter
 
Joined: Nov 2003
Posts: 104
jeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond repute
Default Re: mulling future retirement options can/uk split year

Originally Posted by calgarycarole
Hello.


Good luck.
Hi
Many thanks for your detailed reply and info, seems there is a lot for me to consider
cheers
jerry
jeremy brewer is offline  
Old Jul 13th 2022, 3:39 am
  #7  
Forum Regular
Thread Starter
 
Joined: Nov 2003
Posts: 104
jeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond reputejeremy brewer has a reputation beyond repute
Default Re: mulling future retirement options can/uk split year

Hi
just a bump

still interested in any thoughts etc

as retirement approaches faster

seems from research the best option is to spend a min of 7 mths in canada to keep the bc med cover

found this about uk tax

https://www.tax.service.gov.uk/guidance/check-your-UK-residence-status/choose-tax-year



cheers
jerry



Last edited by jeremy brewer; Jul 13th 2022 at 4:06 am.
jeremy brewer is offline  
Old Jul 13th 2022, 8:08 am
  #8  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 34,022
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: mulling future retirement options can/uk split year

Originally Posted by jeremy brewer
seems from research the best option is to spend a min of 7 mths in canada to keep the bc med cover
Either way you'll need good health insurance for one country, so worth checking costs of each perhaps?

Good luck deciding.
christmasoompa is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.