# Tax Advice



## phil2canada (Jan 31, 2010)

I'm landing in Toronto on Friday April 30th.

My apartmet is up for sale here in the UK, however, the market is sluggish at the moment, so it won't be sold before I go.

OK, here is the question. If and when it sells and I decide to invest the proceeds of the sale into a UK savings account , will the proceeds from the sale be seen as income on my Canadian tax return. In which case I will be taxed at 50% on the full amount OR will the interest accrude on the sum invested only be taxed?


Like wise will any savings that I have in the UK when transferred to a Canadian bank account be treated as income on my canadian tax return? or will it only be on any intrest gained from the transferred investment?


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## Auld Yin (Mar 10, 2009)

phil2canada said:


> I'm landing in Toronto on Friday April 30th.
> 
> My apartmet is up for sale here in the UK, however, the market is sluggish at the moment, so it won't be sold before I go.
> 
> ...


Only interest earned after you move to Canada is reportable/taxable, whether the funds are in UK or Canada.

Good Luck with your move.


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