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accountant for first tax year

accountant for first tax year

Old Mar 11th 2012, 12:13 am
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Default accountant for first tax year

Hi
Can anyone recommend an accountant in the Niagara region for sorting out my first tax return,and also advice on whether to be taxed in Canada or the U/K on our pensions and savings interest from the U/K. Which would be the most advantageous to us.(we are both retired)
Thank for any answers.
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Old Mar 11th 2012, 12:53 am
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Default Re: accountant for first tax year

Originally Posted by big ron View Post
Hi
Can anyone recommend an accountant in the Niagara region for sorting out my first tax return,and also advice on whether to be taxed in Canada or the U/K on our pensions and savings interest from the U/K. Which would be the most advantageous to us.(we are both retired)
Thank for any answers.
I can't help with a recommendation. However, on the other question you don't get a choice.

Pension income is only taxable in the country where you are resident. Therefore it should be paid gross in the UK and you report it and pay tax on it on your Canadian tax return. For the moment, report it on your Canadian return and claim a credit for any tax paid in the UK. Once you have filed your first return in Canada you can complete this form http://www.hmrc.gov.uk/cnr/canada-individual.pdf and get the CRA to certify you are resident in Canada.

In theory, interest income is taxable at 10% in the UK and you report and pay the balance of tax due in Canada. However, there is a form (I can't remember which one at the moment) that you can give to your bank to ask them to pay the interest gross. You then report it and pay tax on it in Canada.
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