Hello all,
I am currently living in the UK, and planning to move to Montreal later this year. I'm weighing the benefits of selling my UK property, putting the money away and earning interest, versus keeping it and renting it out, whilst I rent in Montreal for a couple of years and then most likely return. Can anyone tell me if rental and interest income are taxed differently (besides expenses deducted for rent)?
Thanks,
Ed
As you are a UK citizen, any income SHOULD be declared in UK. Therefore nothing changes for you.
Your Canadian income will be declared in the UK as well. And in Canada you will be taxed ONLY on the income earned in Canada.
Both sources of income, rent and interest on the deposit, are taxed including the UK and Canada. However, tax rates and rules may vary depending on the country and individual circumstances.
" Both sources of income, rent and interest on the deposit, are taxed including the UK and Canada "
Since when ? Not what my accountant tells me .
If I am Canadian and live in UK, I have to declare what I make in the UK to Canadian gov. But in UK I don't do a yearly income tax filling.
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