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Search: Posts Made By: dgagitw
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Forum: Canada
Feb 15th 2018, 11:51 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

Nope, I’m comparing apples with apples and your signature is as full of crap as you are.
Forum: Canada
Feb 15th 2018, 11:50 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

When you dispose of foreign property - whether that is currency or anything else - there is a capital gain or a capital loss whether you like it or not. Now, maybe most people at small scale ignore...
Forum: Canada
Feb 15th 2018, 7:42 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

I think you’ll find you’re the one talking shit.

This is what our once resident tax expert thinks/thought:
...
Forum: Canada
Feb 15th 2018, 6:53 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

Link to a thread on the subject of capital gains when spending foreign currency:

http://britishexpats.com/forum/canada-56/capital-gains-foreign-currency-718432/#post9387875
Forum: Canada
Feb 15th 2018, 6:09 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

I've got to say, this is one of the most unfriendly forums I've frequented.
Forum: Canada
Feb 15th 2018, 6:01 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

If you receive, say, 1000 GBP when the exchange rate is 1.5 to the dollar then spend that 1000 when the exchange rate has changed to 2 to the dollar, the CRA considers that to be a capital gain of...
Forum: Canada
Feb 15th 2018, 5:56 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

The gain or loss arises when you spend the money (a deemed disposition). If it just sits in your account doing nothing then there’s no problem (other than that each receipt makes it more painful to...
Forum: Canada
Feb 15th 2018, 3:34 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

Canadian tax returns are in CAD only - you have to do all the translations yourself (or using tax filing software) - so I’m not sure what that’s supposed to mean.
Forum: Canada
Feb 15th 2018, 3:23 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

Ok, so head in the sand then. I’ve talked to an accountant already and got a blank look on the FX capital gains question which leads me to believe that your statement that most people either don’t...
Forum: Canada
Feb 15th 2018, 3:09 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Re: Dealing with FX gains and losses on a rental property

Did you include capital gains due to fluctuations in the exchange rate as part of that income? E.g. if you spent, say 2k GBP, on repairs that would be a deemed disposition and could very easily push...
Forum: Canada
Feb 15th 2018, 12:43 pm
Replies: 26
Views: 1,286
Posted By dgagitw

Dealing with FX gains and losses on a rental property

Prompted by another thread on what happens when you spend GBP from an account...

I'm about to inherit - probate is underway - a small fairly low value property in the UK. My first thought was to...
Forum: Canada
Feb 13th 2018, 2:00 am
Replies: 10
Views: 574
Posted By dgagitw

Re: Sales tax while living abroad

Unless a business expected to breach the level during the year that would be a pretty dumb move. Regardless of that, the OP was looking for explanations for the lack of HST on an Amazon order and I...
Forum: Canada
Feb 13th 2018, 1:57 am
Replies: 12
Views: 921
Posted By dgagitw

Re: Do I really need a SIN?

I also opened an RBC account after I landed but before I got my SIN (and gave a Canadian address). As you point point out, the bank will happily take a TIN instead of a SIN although they didn’t ask...
Forum: Canada
Feb 12th 2018, 1:54 pm
Replies: 10
Views: 574
Posted By dgagitw

Re: Sales tax while living abroad

Not if the seller has a turnover of less than 30k as I expect more than a few Amazon marketplace sellers do.
Forum: Canada
Feb 12th 2018, 1:52 pm
Replies: 12
Views: 921
Posted By dgagitw

Re: Do I really need a SIN?

I opened an HSBC account without a SIN before moving to Canada. Banks are able to report income to CRA without one too.
Forum: Canada
Feb 9th 2018, 9:09 pm
Replies: 12
Views: 845
Posted By dgagitw

Re: Is spending GBP in UK a Canadian capital gain?

That was before the common reporting standard came along I assume? What triggered the audit?
Forum: Canada
Feb 9th 2018, 12:28 am
Replies: 12
Views: 845
Posted By dgagitw

Re: Is spending GBP in UK a Canadian capital gain?

Probably true but be aware that the CRA and HMRC do share data so it’s not impossible you’ll get some difficult questions at some point. My take is that they’d be unlikely to come after you for this...
Forum: Canada
Feb 7th 2018, 6:40 pm
Replies: 12
Views: 845
Posted By dgagitw

Re: Is spending GBP in UK a Canadian capital gain?

Yes, it’s a deemed disposition and produces a gain or a loss depending on the change in FX rate relative to the adjusted cost base. If you’ve spent just a few quid you’re probably safe as there’s an...
Forum: Canada
Jan 29th 2018, 2:23 am
Replies: 99
Views: 13,831
Posted By dgagitw

Re: Looking for QROPS personal finance expert

Dragging this one back to life, HMRC have finally made it clear that people who transferred into schemes that are no longer QROPS before those schemes lost their status will not suddenly have to pay...
Forum: Canada
Jan 7th 2018, 2:10 pm
Replies: 19
Views: 2,101
Posted By dgagitw

Re: Take a cat back to UK

Fly to Paris then take the Eurostar to London - that will extend the time the poor moggy is confined to a carrier of course. I second the point of view that being in the hold is best and much less...
Forum: Canada
Nov 10th 2017, 1:23 am
Replies: 140
Views: 14,671
Posted By dgagitw

Re: What is a decent salary?

You forgot the total absence of cheese and the absolute certainty that your UK electrical equipment will explode causing your house to burn down and your insurance company to deny your claim.
Forum: Canada
Oct 23rd 2017, 1:23 am
Replies: 1
Views: 604
Posted By dgagitw

Re: Fintech banks in Canada?

There's nothing equivalent to, say, Starling Bank in the UK but some of the smaller players here have set up similar things - e.g. EQ Bank. A warning though, the level of service and investment is...
Forum: Canada
Oct 12th 2017, 7:55 pm
Replies: 6
Views: 1,007
Posted By dgagitw

Re: Job Bank

Some government agencies and crown corps seem to use it as a matter of course too but, yes, I think you're spot on otherwise. I've been through the process of getting an LMIA for someone a few times...
Forum: Canada
Sep 20th 2017, 3:32 pm
Replies: 4
Views: 917
Posted By dgagitw

Re: Running out of time for QROPs to restart in Canada

Is it just exchange rate volatility that makes you want to transfer it?
Forum: Canada
Aug 30th 2017, 1:48 pm
Replies: 25
Views: 1,585
Posted By dgagitw

Re: Transferring money limits

Really not true - I know about this as I've recently worked for one of the big 5 and have been involved with AML quite extensively. For payments of 10K or more, so long as there isn't some specific...
Showing results 1 to 25 of 534
 


 
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