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


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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
 
--------------------------------------------------------David Ingram's US / Canada Services
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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
 
David Ingram gives expert income tax & immigration help to non-resident Americans & Canadians from New York to California to Saudi Arabia to Mexico to China or Chile - Cross border, dual citizen - out of country investments are all handled with competence & authority.

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