UK Great Britain Citizen moving to Canada wants to buy

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Dear Mr Ingram
Thank you for your response.  Much appreciated.
I cannot seem to find the UK based document on the Dennis Lee decision by 
Judge Teskey.  Please advise.
You can find the Judge Teskey decision buried (56 or 57 screens in on my monitor)  in the [US/Canada Taxation] link at www.centa.com
My situation is such that I have been granted a Landed Immigrant Visa for 
Canada by the Canadian High Commission in London.  I have until April to 
decide whether I want to take up the offer.
Currently I hold a British passport and two properties in London, one of 
which is rented out. Ideally I would like to buy a condo (two double bedrooms, two bathrooms) overlooking the waterfront, around the Stanley Park/downtown area costing around Can$ 350,000 to 500,000 for investment - renting out.
To help me decide, I need to know what are the tax implications if I were to use my Canadian Landed Immigrant visa.  Would I be taxed on my worldwide  assets?  Does Canada have a double taxation agreement with UK?  What if I 
kept London as my home base?
If you land in Canada and are here for more than 183 days, you ae taxable on your world wide income but cease to be taxable on your worldwide income in great Great Britain. See ARTICLE IV of US / CANADA Tax Treaty in the same section above (19 screns in on my monitor). The Canadian / UK treaty article is essentially the same.
  
What are the cost of buying a condo e.g. land searches etc... and  deductions allowed from rental income e.g. property taxes, repairs/maintenance/improvements, depreciation, income tax fees etc...
I could write a book which could not answer this fully. Every building is different.  You can find out about deductions in Canada (essentially the same as in Great Britain) at www.centa.com - click on tax guide - click on rental income or just click here to go direct to that chapter without seeing all the other neat stuff to read. http://www.centa.com/taxguide/rental_income.htm
What are the % charged for property taxes, capital gains, inheritance tax  etc...
Every building and municipality has a different rate.  The maximum captital gains tax in BC is about 22% and there are no inheritance taxes in Canada.  However, upon death, capital asets are deemed to have been sold and that deemed sale is taxed.  However, you could have $10,000,000 dollars worth of property which you have just purchased and has not gone up in value and there would be no capital gains or inheritance taxes. The maximum tax on interst and wages and rents is about 43% in BC.  tehre is no tax on the first $8,000, 23% on the first $30,000 rising to 43% or so over $100,000 (these are not exact, but approximate).
Last but not least, will your company be in a position to assist me with the purchase, rental returns etc...  If so what are the costs?
I am a licenced realtor (38 years now) and have associates who can assist you with the rental and management of your property.  A property management company that I founded (but no longer have part of) specializes in non-resident property owners. Other outside realtors like Christine Louw www.christinelouw.com have great knowledge about dealing with international buyers. 
Many thanks and look forward to hearing from you.
RXXXXXXXXXXX
David Ingram of the CEN-TA REALTY  Group
US / Canada / Mexico tax and working Visa Specialists
US / Canada Real Estate Specialists
108-100 Park Royal South
West Vancouver, BC, CANADA, V7T 1A2
(604) 980-0321 - Fax 913-9123 [email protected]
www.centa.com www.david-ingram.com
Disclaimer:  This question has been answered without detailed information or consultation and is to be regarded only as general comment.   Nothing in this message is or should be construed as advice in any particular circumstances. No contract exists between the reader and the author and any and all non-contractual duties are expressly denied. All readers should obtain formal advice from a competent and appropriately qualified legal practitioner or tax specialist in connection with personal or business affairs such as at www.centa.com. If you forward this message, this disclaimer must be included."
Be ALERT,  the world needs more "lerts"
 
>
>I have to know if you are discussing the ownership of a rental apartment in 
>Canada while you intend to live in the UK or are you talking about living 
>in Canada in one location while you rent out another apartment.
>
>If so, are you also going to buy the apartment or house you live in or are 
>you renting yourself or are you living "free" somewhere else.
>
>If you are going to be buying two places and letting one, the order that 
>you use your available funds for the purchases is very important as you 
>will discover by reading the November 2001 newsletter at www.centa.com - go 
>to newsletters - go to 2001 - go to November.
>
>You will also want to know how Canada taxes international people.  You can 
>find out more about this at www.centa.com - click on US/CANADA Taxation. 
>Although geared to American <> Canadian situations, the Canadian side 
>applies to you  although the US side is NOT analogous to the UK.  On the 
>other hand, the UK based Dennis Lee decision by Judge Teskey is the most 
>complete case there is and you should read it (about ten pages in).
>
>Let me know about the purchases and what country you will be living in.
>
>David Ingram of the CEN-TA REALTY  Group
>US / Canada / Mexico tax and working Visa Specialists
>US / Canada Real Estate Specialists
>108-100 Park Royal South
>West Vancouver, BC, CANADA, V7T 1A2
>(604) 980-0321 - Fax 913-9123 [email protected]
>www.centa.com www.david-ingram.com
>
>Disclaimer:  This question has been answered without detailed information 
>or consultation and is to be regarded only as general comment.   Nothing in 
>this message is or should be construed as advice in any particular 
>circumstances. No contract exists between the reader and the author and any 
>and all non-contractual duties are expressly denied. All readers should 
>obtain formal advice from a competent and appropriately qualified legal 
>practitioner or tax specialist in connection with personal or business 
>affairs such as at www.centa.com. If you forward this message, this 
>disclaimer must be included."
>
>Be ALERT,  the world needs more "lerts"
>
>
>
>
>----- Original Message -----
>From: David Ingram
>To: Davidingram@shaw. ca
>Sent: Thursday, September 11, 2003 5:21 PM
>Subject: FW: TAX ADVICE

>
>Dear Mr Ingram
>
>Your name and contact details were given to me by Christine Louw as a 
>person
>who might be able to assist me.
>I have recently been granted a resident visa for Canada and am looking to
>buying an apartment with the intent of letting.  I am currently living in
>London and would be most grateful if you could advise what are the tax
>implications with regards to "buy to let" properties in Vancouver.
>I hope to hear from you in the near future.
>
>Sincerely

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