Canadian Tax advisor

Seanc

Hello everyone,

I am looking for some advice for my girlfriend who currently living in the UK.

She is a dual passport holder (UK and Canada) she has Canadian investments that are held in trust from inheritance in Canada. However she has been offered a great opportunity to work here in the UK.

She is looking for a UK based accountant/ tax adviser to advise her of the tax consequences for these investments if she decides to live in the UK, obviously with knowledge of Canadian tax law.

I just thought I'd ask on here to see if anyone knows or uses anyone before she starts ringing around to find one herself.

If anyone also has any other advice that would be very much appreciated.

Sean.

CLAPTON

as far as her canadian investments are concerned it would probably easier to find a canadian advisor who knows about canadians living abroad

Seanc

That is a good option and it is a route we are going to explore. But as she is currently living in the UK, we thought I would see if anyone knew anyone here first.

Cook_County

From a UK perspective she is a beneficiary of a foreign trust.

You do not say where she is domiciled or whether she is electing the remittance basis (assuming she is domiciled in one of the Provinces), but the people to ask are the trustees. They know that there is a beneficiary in the UK so as part of their fidiciary duty they should take advice at their expense about UK tax on any capital payments (including any stockpiled gains) and whether and when they might make a re-basing election.

They may also want to be looking for UK tax friendly investments if they are planning on making payments to a UK resident beneficiary.

Seanc

Thank you for your reply.

She is currently living in the uk as a student. So for tax purposes she is a resident of Canada (Ontario) and files Canadian tax while being a student and here for that purpose. the benefits from her trust are paid into her Canadian account. Apart from renting a house and having a part time job she has minimal ties to the uk from a domicile point of view.

However she is soon to finish her course, she is starting to become a uk resident, and, as I said plans to stay in the uk after her course, as she has a uk passport and a great job offer.

I'm sorry I don't know what you mean by "electing the remittance basis".

Thank you for breaking down what we or the trustee's need to be finding out. It's a great help as at present we are not sure what to ask.