Selling My House in the UK to buy a House in Canada: Advice & Information Required!

Lord_Frugal12

Hello! 

I want to sell my house in the UK and buy a house in Canada. I recently got married to a Canadian citizen. So, I want to live with my wife. And now  I am looking for information and advice from anyone who might have gone through a similar process of selling a UK property to buy a house in another country.  Or, may be you have some knowledge in this area. 

Here are my questions: 

1. How would I transfer the money I make from the sale of the house to Canada?

     2. How about the taxes I might have to pay to HMRC? 

    3. Could I get a mortgage with a bank in Canada while I live in the UK?  

    4. Apart from this forum, are there any other places or websites that might help me with the right information and advice? 

I thank you in advance for any information and advice.  

sammyjammy

Plenty of websites to check out, try this one https://www.expatnetwork.com/moving-to-canada/ can your future wife/husband not help with these issues?

Lord_Frugal12

sammyjammy said:

Plenty of websites to check out, try this one https://www.expatnetwork.com/moving-to-canada/ can your future wife/husband not help with these issues?

Thanks for this link. I will try it. 

user1977

Lord_Frugal12 said:

     2. How about the taxes I might have to pay to HMRC? 

Which taxes are you thinking about here? There's no particular UK tax implication about emigrating from the UK, as far as I know.

Lord_Frugal12

user1977 said:

Lord_Frugal12 said:

     2. How about the taxes I might have to pay to HMRC? 

Which taxes are you thinking about here? There's no particular UK tax implication about emigrating from the UK, as far as I know.

Good question. 

I am thinking about the money I would make from the sale of my UK property.  When I transfer the money to my account in Canada, would I have to pay any tax?  

Scotbot

Lord_Frugal12 said:

user1977 said:

Lord_Frugal12 said:

     2. How about the taxes I might have to pay to HMRC? 

Which taxes are you thinking about here? There's no particular UK tax implication about emigrating from the UK, as far as I know.

Good question. 

I am thinking about the money I would make from the sale of my UK property.  When I transfer the money to my account in Canada, would I have to pay any tax?  

Assuming it is your  main residence and you are a UK resident for tax purposes when you sell it you don't pay any tax on any profit. It is irrelevant where you move to. If you become resident in  Canada then you will have to pay Canadian taxes but your liability starts on the day you arrive. If you sell the property after you leave the UK you may be liable but you may also be able to claim relief for the time you lived in it.
https://www.gov.uk/tax-live-abroad-sell-uk-home

It's complicated you are best talking to an accountant who deals with expats

user1977

Lord_Frugal12 said:

user1977 said:

Lord_Frugal12 said:

     2. How about the taxes I might have to pay to HMRC? 

Which taxes are you thinking about here? There's no particular UK tax implication about emigrating from the UK, as far as I know.

I am thinking about the money I would make from the sale of my UK property.  When I transfer the money to my account in Canada, would I have to pay any tax?  

There's no UK "moving money to a foreign bank account" tax. And I doubt there's anything similar in Canada for the receipt of funds, though you'd need to ask some Canadians to be sure.

Slithery

You'd be better off asking this question on a specialist Canadian ex-pat forum. There aren't going to be many people here that know Canadian law and all of its intricacies.

TripleH

Agree, consult an ex-pats forum.

SIL didn't have tax to pay when they sold their house and moved to Australia.

I assume you meet the requirements to move over to Canada and work okay? That to me seems a bigger issue than selling your house.

Lord_Frugal12

user1977 said:

Lord_Frugal12 said:

user1977 said:

Lord_Frugal12 said:

     2. How about the taxes I might have to pay to HMRC? 

Which taxes are you thinking about here? There's no particular UK tax implication about emigrating from the UK, as far as I know.

I am thinking about the money I would make from the sale of my UK property.  When I transfer the money to my account in Canada, would I have to pay any tax?  

There's no UK "moving money to a foreign bank account" tax. And I doubt there's anything similar in Canada for the receipt of funds, though you'd need to ask some Canadians to be sure.

Thanks @user1977 for this response. 

There is no UK tax I have to pay to the HMRC when I move money from my UK bank account to one in Canada. This is good to know. However, what happens if I transfer large sums to my wife in Canada? Would I have to pay taxes to the HMRC?  

TripleH

If you transfer money to your wife for purpose of buying a house then I can't see why you or your wife would have to pay taxes to HMRC.

I don't have any knowledge on Canadian rules (ex-pat forum is best place to ask) so can only guess there would be no tax to pay.