British Expats - cash isa swap

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Hi
Is it possible to exchange my uk cash isas to an equivalent scheme in Canada.
I believe that if I keep them in the uk I will be taxed on the interest in Canada.
Seems to defeat the object.Any ideas would be gratefully received Thanks.

Re: cash isa swap

Quote:

Originally Posted by big ron (Post 9421212)

Hi
Is it possible to exchange my uk cash isas to an equivalent scheme in Canada.

Not directly, but see below.

Quote:

I believe that if I keep them in the uk I will be taxed on the interest in Canada.
Seems to defeat the object.Any ideas would be gratefully received Thanks.

Yes, the interest will be taxable income in Canada.

The Canadian equivalent is a Tax Free Savings Account. You "earn" contribution room at the rate of $5,000 a year (so $10,000 for a couple). If you are in Canada for the long-term then you can gradually transfer the money from your ISA to a TFSA.