Moving back to Canada & transferring funds - tax questions

[Eabie]

Hello! I'm a Canadian citizen who's been living in the UK on a spousal visa for the last two years. My husband and I have made the decision to move to Canada and we're leaving in June. I set up a Canadian bank account last year when we were visiting for my brother's wedding and now I wish to transfer my funds (which I've earned from working here in the UK) to my Canadian account.

I told CRA by letter that I was moving to the UK on a spousal visa, but I haven't reported the income I earned here because my intention was to settle here and, as I understood it, I wasn't resident of Canada for tax purposes under the UK-Canada tax treaty. But now that I'm moving back, I do wonder what the tax implications will be. I've been living in the UK for just over two years, and working here for the past 20 months.

Moreover, will there be any tax implications for transferring my savings over? I've just set up an account with Moneycorp to do a wire transfer before we go.

I really need clarity on these things. Thanks for your help and advice!

 

[Gary Goldshmidt]

I am not a tax lawyer, I have been in financial services for over 20 years. If you are a non residence for tax purposes then it is my understanding there is no tax payable or due to CRA. However when you move back to Canada and become a taxpayer regardless where the money is you will need to report all sources of revenue including interest, dividends or capital gains for tax purposes. I am in Ontario if you need an advisor, we have had many clients move here from the UK and all off them brought with them their money and some have even transferred their UK pensions to Canada.

I would not worry if you need to bring over your savings there is no problem.