UKexpat82

I have finally booked my flights for the official move and have a couple of pre-departure queries. Apologies if they have already been asked in other threads.

1. I will be renting my apartment in the UK for the time being. I am aware that if I sell it in the future as a resident in Canada I will be liable for CGT. Do I need to get a formal valuation of the current market price before I leave? or would CGT be applicable on the profit I made between purchased and sold?

2. I will be renting initially when I move to Canada (BC). What reference documents would I be expected to provide to a landlord (if any)? I have been a home owner for the last 10 years and have no references from prior rental.

3. Regarding the wiki on short term medical insurance, does anyone have any experience on companies they would recommend?

Aviator

Get a valuation prior to leaving. Canadian CGT is based on the difference between the value (converted to CAD) on the day of becoming tax resident in Canada and the sale price (converted to CAD on day of sale). Converting funds GBP to CAD is also subject to CGT if any gains occur on the rate from when you receive the money and when it is actually converted in CAD.

UKexpat82

Aviator

Needs to be as close arriving in Canada as possible. A couple of Real Estate agents letters is better than nothing, a formal valuation will likely cost. A year old valuation is going to be too far out of date one would suspect.

crofty82

milly_m

For renting, perhaps proof of being able to make mortgage payments consistently would satisfy a landlord - they want to know you are responsible and will pay rent on time. So some kind of mortgage statement?

We wrote a covering letter to add to rental applications to explain why we didn't have the usual documents. We had a proof of income/job letter from my husband's employer, and offered to provide copies of UK credit record. Some asked for our SIN which you don't have to provide and we didn't - they use it for credit checks I think but since we didn't have a Canadian credit history it seemed unnecessary!

Depending on the rental market where you will be living, be prepared to have all the application stuff ready to hand over or email immediately!

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crofty82

Siouxie

I'd suggest having a really good read of our wiki...

https://britishexpats.com/wiki/Renting-Canada and you can also follow the guide on this site for 'Borrower Qualification - credit' New To Canada Program - Products - Genworth Canada - Genworth Canada - Homeownership which gives lots of ideas of ways you can prove you are credit worthy

You may find that a landlord will want 6 months post dated cheques to secure a rental - whilst this isn't strictly legal sometimes it's a case of 'needs must'. However, a word of warning - don't ever pay 'up front' in cash or by credit card etc., always make sure anything other than deposit / first months rent (and last for Ontario) is paid by post dated cheque so you won't be out of pocket if something goes wrong. Also bear in mind that the majority of rentals (unless you are paying mega bucks for a short term furnished rental) are unfurnished (though they come supplied with a stove and fridge/freezer, sometimes a dishwasher and/or washing machine / dryer) and most rental periods are for a minimum of 12 months.
You could also get your Equifax report before you leave, a letter from your mortgage holder / bank stating that you have been in good standing for the last x years.. have copies of utility bills for 3 months showing that you have paid on time... then a letter from your employer confirming you job is permanent.. and a chequebook from your bank in Canada to pay the depost / 1st month rent etc.

crofty82

Siouxie

You are very welcome!


Forgot to add, for medical cover when you first arrive, depending on which Province you are settling in - you may get cover from day 1.. but if you don't have a look at the options listed in our wiki - there's even 1 way emigration insurance that covers you for pre-flight, travel and then for up to 3 months once you have arrived. Most 'travel' insurances require you to have a return date to the UK and include repatriation, something you don't want or need

https://britishexpats.com/wiki/Medical_Insurance-Canada

You might also want the things to do .. departure to do ... arriving to do .. lists!
https://britishexpats.com/wiki/Categ...gistics-Canada

scrubbedexpat091

If you have been owners simply explain that to potential landlords, the larger management companies with rentals will be used to new arrivals in Canada anyhow so just explain you owned a home, and didn't rent before coming to Canada.