My question is: Canadian-specific
QUESTION: I am a UK citizen who is might be moving to Vancouver in Canada after marying a Canadian woman. I own a house in London together with my brother, who has a half-share in the property. He lives in the house, while I stay with my mother who is an invalid.
I hope to sell the house quite soon. Problem is, if I take my share of the money to Vancouver to purchase a house there, will I end up paying tax on the money in Canada or will I only be eligible to tax in the UK?
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david ingram replies:
You will only owe tax in England if you sell the house before coming to Canada. If you sell your share after coming to Canada, you will owe tax to Canada on any increase after you get here. You will be able to claim a foreign tax credit in Canada for the tax paid (on that portion of the profit) to Great Britain.
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