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Re: Some tax information
Originally Posted by bats
(Post 10704737)
can't the lump sum on UK pensions be a QROPS transfer?
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Re: Some tax information
Originally Posted by Mikeypm
(Post 10704745)
Would an estate agent valuation be sufficient? or would a professional valuation be required?
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Re: Some tax information
Originally Posted by JonboyE
(Post 10704763)
A professional valuation will be bullet proof. An estate agent valuation should be sufficient.
We had thought about selling before we leave the UK, but the market just is not there so we are looking to rent and then sell when things are better. Therefore I just wanted to work out how selling the property later would effect tax matters in Canada. We have a couple of valuations from estate agents all at the same figure so I will keep hold of them. |
Re: Some tax information
Originally Posted by james.mc Basically, the video says if you have have not owned a home for the last four years in Canada you are entitled to the credit. It makes no mention of not applying if you have owned an overseas home.
Originally Posted by JonboyE
(Post 10704708)
It doesn't actually say that. It says the home you are buying must be in Canada bit it does not say that a previously owned home must be in Canada.
Basically, the video says if you have have not owned a home for the last four years you are entitled to the credit. |
Re: Some tax information
Originally Posted by JonboyE
(Post 10704759)
You could transfer your pension before it matures, but once the lump sum is paid it is taxable income in Canada. If you have RRSP room you can defer the tax by putting the amount into an RRSP.
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Re: Some tax information
Thanks for everyone's replies. (I hadn't appreciated the new home allowance was based on a tax rate of 15% and so only worth $750, but given I didn't think it applied at all, that's better than nothing.)
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Re: Some tax information
Originally Posted by BexB
(Post 10704887)
Thanks for everyone's replies. (I hadn't appreciated the new home allowance was based on a tax rate of 15% and so only worth $750, but given I didn't think it applied at all, that's better than nothing.)
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Re: Some tax information
Originally Posted by Novocastrian
(Post 10704896)
Sorry if this is a misunderstanding, but for clarity, if you've owned a home anywhere in the last 4 years or so, it doesn't apply, as explained above.
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Re: Some tax information
Originally Posted by BexB
(Post 10704912)
I think I should just push back on PWC, perhaps quoting JonboyE's reference.
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Re: Some tax information
Originally Posted by BexB
(Post 10706984)
Just pushed back. PWC confirmed they stood by their original advice that we would would qualify for credit, despite our having owned a home previously in the UK. :amen:
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Re: Some tax information
Originally Posted by Mikeypm
(Post 10707004)
If I was you I would get that in writing, then if the CRA comeback asking for the credit back you can pursue PWC
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Re: Some tax information
Did they quote a source or reference?
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Re: Some tax information
Originally Posted by JonboyE
(Post 10707684)
Did they quote a source or reference?
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Re: Some tax information
Pity. I have searched my tax library and I can find nothing that says only a previously owned home in Canada counts. That said, sometimes actual practice is not exactly the same as the legislation, and sometimes the application of legislation is modified by court decisions. It would have been nice if they could have supported their opinion.
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Re: Some tax information
There are many first time home buyer tax incentives - federal, provincial and municipal, each with different qualification criteria, so you need to check these out specific to your province/municipality.
A principal residence is not subject to capital gains tax, however you can only have one principal residence per family. |
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