British Expats - Tax on Rental Income from the UK?

Quote:

Originally Posted by Newton08 (Post 8840606)

... if we hold on to the GBP that we brought with us, and if we decided to go back, could they be just transferred back to our UK bank account, no gain or no loss?

If you move back to the UK within five years then no problems. There is no capital gain on property (and cash is property in this sense) that you owned before coming to Canada, and still own when you leave, if you leave within five years.

After five years there is a deemed disposition of all your property immediately before you emigrate. Money that is not legal tender in Canada is reportable and you could be subject to tax on any gain in the Canadian value of foreign currency.