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Re: To surrender or not - Endowment Policy
Originally Posted by Helen Parnell
(Post 7892853)
We did have three to surrender in the UK. The first one surrendered two weeks ago:rofl: we had the money paid straight into the UK bank account so there is money in there to pay for the other two which will not surrender until 2014.
We were told that we do not need to pay tax in canada on it by a canadian accountant. The money is tax free from the uk and is staying in the uk. Is this Canadian accountant a CA, CGA or CMA? If so, I would expect such accountant to be able to explain this further. As Canada tax residents you're liable to Canadian tax on worldwide income, whether brought to Canada or not, so is this accountant suggesting that: - the gain doesn't fall within the Canadian definition of "income"?; and/or - there is special treatment under the UK/Canada double tax treaty. Accountant should be able to explain easily and put opinion in writing. |
Re: To surrender or not - Endowment Policy
Originally Posted by JAJ
(Post 7896088)
Unclear if that principle would stand up in court ... CRA don't have carte blanche under the law to invent tax assessments and challenge people to disprove them.
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Re: To surrender or not - Endowment Policy
Originally Posted by JAJ
(Post 7896091)
Is this Canadian accountant a CA, CGA or CMA? If so, I would expect such accountant to be able to explain this further.
As Canada tax residents you're liable to Canadian tax on worldwide income, whether brought to Canada or not, so is this accountant suggesting that: - the gain doesn't fall within the Canadian definition of "income"?; and/or - there is special treatment under the UK/Canada double tax treaty. Accountant should be able to explain easily and put opinion in writing. |
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