# Tax



## margaretchow2 (Sep 20, 2008)

Hi All - looking for some info/advice on the above. I am a temporary resident in Canada from the UK on a work permit. I have sold my UK home and would like to transfer the funds from the UK to Canada - could anyone advise how much can be moved and if tax would be due to be paid? I am hoping to extend my stay in Canada and eventually to make it a permanent move which is why I would like to move the funds to Canada - I am currently in BC which may have affect the tax.

Thanks


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## Auld Yin (Mar 10, 2009)

margaretchow2 said:


> Hi All - looking for some info/advice on the above. I am a temporary resident in Canada from the UK on a work permit. I have sold my UK home and would like to transfer the funds from the UK to Canada - could anyone advise how much can be moved and if tax would be due to be paid? I am hoping to extend my stay in Canada and eventually to make it a permanent move which is why I would like to move the funds to Canada - I am currently in BC which may have affect the tax.
> 
> Thanks


There is no limit or tax on funds you move across. The only tax payable under Canadian would be Capital Gains. This would happen if the sold house was not your main residence. For example:- you had bought another house and living in it prior to selling the UK one.
Hope that clarifies matters for you. Good luck with your application for permanent residence.


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## 4drsupra (Sep 1, 2010)

^^^correct...also i am going under the assumption that this is a huge amount of cash...please do not forget to talk taxes with your personal banker when you try to invest your cash as there will be tax implications in any if not all investments in canada during tax season...this is why i left...good luck...


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## mountainman (Feb 3, 2010)

If the house you sold was your main residence then there will be no UK tax implications. The money you receive from the sale can then be invested in Canada. The only tax implications would arise from any profits you subsequently make on the investment - for example, if the money were to be invested in a bank account, you would be taxed on any interest; other investments could result in a capital gain when the investment is sold. The actual tax payable would depend on your status at the time of the sale - whether you were considered a resident for tax purposes in Canada.


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