zmartin

Hi all

I wonder if you can help shed some light...

I have some investments still held in the UK, with Skandia, for which I do not receive an income. However, if I was to move them to Canada to invest here would I be taxed (and how much) and what is the best way of going about this?

If anyone has any advice it would be gratefully received.

Zoé M. x

JonboyE

As far as tax goes, if you sell your investments then any gain in value (in Canadian dollars) since you moved to Canada is reportable. Half the gain is added to your taxable income in the year you sell them. The strengthening of the $ vs the £ in the last few years means you may have a gain in $ even if you have a loss in £.

I am not clear on what you mean by move. If there are shares, and you don't sell them but just move their management from a brokerage in the UK to one in Canada then this is not a taxable transaction.

Is this what you wanted to know?

zmartin

That's some info of use - the only problem is that the company that I currently have the investments with in the UK (Skandia) do not operate in Canada nor can I seem to find what I would term as an Independent Financial Advisor. However, this may be of use. (BTW, I don't think there has been a gain thanks to the Eurozone crisis! )

JonboyE

The nearest thing you will find to an IFA in Canada is a Certified Financial Planner. CFPs are not necessarily independent, but some are. They are all bound by an ethical code that means they have to put their clients interests first.

You can look for people here https://www.fpsc.ca/find-cfp

I found one independent CFP not a million miles away. He charges a fee rather than takes commission - an arrangement I much prefer and one that will save you money over the long-term. I don't know him from Adam so don't take this as a recommendation:

Gordon J. Wiber & Associates Inc.

22-1212 Alpha Lake Road
WHISTLER BC
Canada V0N 1B1

Phone: +1 (604) 935-1114 ext. 1
Fax: +1 (604) 935-1154

Email: [email protected]
Website: www.whistlerca.com

RKS_in_Calgary

Hi

when you say they are taxed from the date you arrive in Canada - is this first time you set foot in Canada (for us the date we entered on a TWP) or the date you formally land for PR?

Almost Canadian

When you become a resident for tax purposes on a TWP or as a PR.

RKS_in_Calgary

great, thanks for that