Hi Guys, Long time no speak, things have been very busy, and health not too good. I really would appreciate some guidance about going back to Blighty, particularly regarding departure tax etc. We will be totally severing all connections with Canada.
1. Do I have to pay tax on the sale of the house that we live in (The only house we have).
2. When they say tax on all property, does that mean our furniture etc., or are they talking about property meaning realty, Shares, Insurance etc.?
3. Are there any snags to look out for Tax-wise.
4. Is there any advice of a general nature that anyone can give me.
I know that there is so much knowledge and wisdom out there, and I would very much appreciate any that comes my way.
Best regards to you all!

Bazcop

I'm not sure about the answers but somehow this was lost in the pile of posts and someone will know I'm sure.

Hi.

There is no such thing as 'departure tax', so it is difficult to know what it is that is concerning you. There won't be any tax on the proceeds of sale of your home.

If you delayed selling your home until some time after you've left Canada you might become liable for tax on the increase in value between the time you ceased to be resident in Canada and the time you sell it.

There will be no tax on your personal possessions that you are taking to the UK.

There's a page on the CRA site for people leaving Canada:http://www.cra-arc.gc.ca/tx/nnrsdnts.../lvng-eng.html

The only snag I've come across, tax-wise, is that if we claim UK pensions with lump sums while we are still in Canada, then we have to pay tax on the lump sum, which we would not have to do in the UK. To avoid this, we've deferred claiming pensions until we get back to the UK. Just to make sure, we were advised by the CRA to write to them in advance of our departure, giving them the exact date we will cease to be resident. It is probably a good idea to do that in all cases.

I hope this helps.

As Editha said you will not be subject to Capital Gains Tax on your principal residence. Non-registered investment e.g. stocks & shares will be deemed to be sold on the day of your departure and any gains will be taxed @ 25%

RRSP's can be left in place, but you cannot add to your portfolio. If you collapse your RRSP'S then they will be taxed by 25%.

There is no exit tax on your furniture etc and you are allowed to bring them into the UK tax free. The exceptions being the usual which are subject to tax, alcohol, tobacco, perfume etc. Also, any items purchased in last 60 days, prior to your arrival in the UK, will be subject to tax.

We returned home a year ago today and filed our 2012 tax returns with CRA, before the deadline, but have yet to hear from them.

Sorry I missed this post earlier. Best of luck with your move.