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Return to the Uk from Canada - tax considerationa

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Return to the Uk from Canada - tax considerationa

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Old Sep 22nd 2009, 11:16 am
  #1  
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Default Return to the Uk from Canada - tax considerationa

We're looking to return to the UK shortly from Canada and are currently waiting for our house to sell.

There's a few tax considerations I'm aware of related to the move back such as selling your house first before you leave Canada so you're not subject to 25%, plus tax withholding when cashing Canadian RRSP's in.

Has anyone used a financial advisor or tax consultant for this purpose and if so, any recommendations for the Vancouver lower mainland area here in BC?
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Old Sep 22nd 2009, 10:57 pm
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Default Re: Return to the Uk from Canada - tax considerationa

Originally Posted by Ciderman
We're looking to return to the UK shortly from Canada and are currently waiting for our house to sell.

There's a few tax considerations I'm aware of related to the move back such as selling your house first before you leave Canada so you're not subject to 25%, plus tax withholding when cashing Canadian RRSP's in.

Has anyone used a financial advisor or tax consultant for this purpose and if so, any recommendations for the Vancouver lower mainland area here in BC?
I can't help much but I too was aware of the 2 issues you mention. Not sure how you get around the RRSP cashing in thing, if you know let us know eh, you never know when a return might happen? My research suggests that it can be transferred to a similar account in the UK (if there is such a thing) and no tax is deducted, or it can be paid out in ongoing payments with the same result.....don't quote me on this though.
It seems that the accounts in the UK make you take an annuity out at retirement, whether you want to or not and I'm not keen on that. I have ended up thinking that losing the 25% withholding tax is a fair price to pay to get the funds into a liquid state to do with what you wish. Other than that I can see a tax consultant would be useful.
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