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.

A professional valuation will be bullet proof. An estate agent valuation should be sufficient.

Thanks Jon

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.

Maybe I added too much ..... I should have written...
Basically, the video says if you have have not owned a home for the last four years you are entitled to the credit.

Thank you, helpful as always.

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.)

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.

I think I should just push back on PWC, perhaps quoting JonboyE's reference.

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.

If I was you I would get that in writing, then if the CRA comeback asking for the credit back you can pursue PWC

It is in writing!

Did they quote a source or reference?

No, they just reaffirmed their advice. I did effectively send them your email with the tax references (many thanks), so they knew exactly what was causing the query.

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.

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.