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Sending Money To My Wife In Canada: taxes to pay to CRA? Or, HMRC?

Sending Money To My Wife In Canada: taxes to pay to CRA? Or, HMRC?

Old Jul 11th 2022, 2:41 pm
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Default Sending Money To My Wife In Canada: taxes to pay to CRA? Or, HMRC?

Hello !

I searched this forum for similar topics. But, I could not find an up to date and relevant discussion on something that is causing a lot of stress. I hope someone here could help.

I am a UK citizen who lives in the UK. But, my wife is a Canadian citizen who is living in Canada. We are trying to buy a house in Canada. I have to pay towards the down payment of about $22,000 Canadian dollars. Here are my questions and concerns:

Could I just transfer money from my UK bank account to my wife's bank account in Canada? Is it as simple as that?

Or, would I have to declare this payment to the HMRC in the UK? And does my wife have to declare it to Canada Revenue Agency?

I would be grateful to your advice. It would be good to hear from anyone who had done something similar.
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Old Jul 11th 2022, 2:52 pm
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Default Re: Sending Money To My Wife In Canada: taxes to pay to CRA? Or, HMRC?

Yes, it's that simple, and there are no taxes to pay on transferring money that you already own and are transferring to your wife.

If any reporting is required, the sending and receiving banks take care of it.

Last edited by Pulaski; Jul 11th 2022 at 2:54 pm.
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Old Jul 11th 2022, 2:56 pm
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Default Re: Sending Money To My Wife In Canada: taxes to pay to CRA? Or, HMRC?

Originally Posted by Pulaski
Yes, it's that simple, and there are no taxes to pay on transferring money that you already own and are transferring to your wife.

If any reporting is required, the sending and receiving banks take care of it.
Pulaski
Thank you for that swift reply.

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Old Jul 11th 2022, 4:16 pm
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Default Re: Sending Money To My Wife In Canada: taxes to pay to CRA? Or, HMRC?

Originally Posted by New Calgarian
Thank you for that swift reply.
Pun intended?

Many years ago I did a couple of large transfers for property purchases directly to the lawyer. My UK bank to the lawyer's account. I also did one to my wife's Canadian account. The fee was a % but there was a fee maximum so it was quite reasonable.

It was done via secure message, including a declaration of some sort to say I wasn't a money launderer, honest guv.
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Old Jul 11th 2022, 8:53 pm
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Default Re: Sending Money To My Wife In Canada: taxes to pay to CRA? Or, HMRC?

Originally Posted by BristolUK
Pun intended?

Many years ago I did a couple of large transfers for property purchases directly to the lawyer. My UK bank to the lawyer's account. I also did one to my wife's Canadian account. The fee was a % but there was a fee maximum so it was quite reasonable.

It was done via secure message, including a declaration of some sort to say I wasn't a money launderer, honest guv.
BristolUK So Swift

As a newbie to buying a house and transferring money to abroad, I was getting anxious about getting in to hassles with the HMRC. And that could potentially affect my Spousal Sponsorship application. So, this is why I am researching everything!

Thanks for your own... eh... swift... response about money transfers!

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