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Forum: Canada

Mar 30th 2021, 7:07 pm

Replies: 23

Selling UK House - UK and Canada Tax implications

Views: 5,196

Posted By dbd33

Re: Selling UK House - UK and Canada Tax implications

My accountant dropped me! They have a policy of not dealing with clients where the fees are below a minimum, my work life simplified so I don't generate enough business any more. I can now say though...

Forum: Canada

Mar 30th 2021, 4:34 pm

Replies: 23

Selling UK House - UK and Canada Tax implications

Views: 5,196

Posted By dbd33

Re: Selling UK House - UK and Canada Tax implications

The exemption is for individuals. Whether or not it applies to gains on houses I don't know but I think you can claim the house as your principal residence.

Forum: Canada

Mar 30th 2021, 12:34 am

Replies: 23

Selling UK House - UK and Canada Tax implications

Views: 5,196

Posted By dbd33

Re: Selling UK House - UK and Canada Tax implications

As I read the regulations, there's no tax in Canada because it's the principal residence:

https://www.canada.ca/content/dam/cra-arc/formspubs/pub/t4037/t4037-20e.pdf

If it were not the...

Forum: Canada

Mar 29th 2021, 8:34 pm

Replies: 23

Selling UK House - UK and Canada Tax implications

Views: 5,196

Posted By dbd33

Re: Selling UK House - UK and Canada Tax implications

Yes to principal residence. As above, capital gain/loss based on shift in value since being tax resident in Canada. Typically there won't be a taxable capital gain.

Forum: Canada

Mar 25th 2021, 7:52 pm

Replies: 23

Selling UK House - UK and Canada Tax implications

Views: 5,196

Posted By dbd33

Re: Selling UK House - UK and Canada Tax implications

You need to know what the house was worth when you became tax resident In Canada, perhaps the people selling it could value it retrospectively. When you have that number, converted to Canadian...

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