tax consultation/request -
Hi david
I am Jurock Insider subscriber and read your
tax tips on the Jurock site
regularly.
I am looking for an expert on
UK/Canada tax law regarding selling a property
in the UK and transferring
the money to Canada while minimizing my Capital
Gains.
I am a realtor
and invest in real estate on the side.
If you have knowledge regarding
UK/Canada tax issues how do you charge for
consultation etc and if you don't
do this aspect of taxation then perhaps
you can recommend someone
experienced in this respect. I would need to
consult on this issue in the
next two weeks no
later.
Regards
----------------------------------------------------------------------
david ingram replies:
I do not consider myself a particular specialist but tried
typing income tax expert UK Canada real estate into google and came up number
one so I should at least try.
Great Britain has an indexation (inflation) exemption from
1982 to 1998 and then starts a tapering program to tax the profit.
Canada is simple in return. At the moment, we tax 50% of
the profit at your highest marginal tax bracket.
You would pay tax to the UK first and then report the income
again on your Canadian return and claim a foreign tax credit for the tax paid to
Great Britain. Essentially, you would be paying whatever tax was
highest.
Transferring the funds to Canada is best done with a bank to
bank electronic transfer.
Hope it helps.
david ingram
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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 for expert
help, assistance, preparation, or consu
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immigration help to non-resident Americans & Canadians from New York to
California to Saudi Arabia to Mexico to China or Chile - Cross border, dual
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