Quebec income tax question

Last activity 17 June 2024 by aissam99

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edbarnes23Member14 January 2024 13:53:43

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,

ScooterMember02 April 2024 02:32:20

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.

NicholasTerryMember04 April 2024 23:09:28

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.

ScooterMember05 April 2024 15:27:27

" 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.

aissam99Member17 June 2024 13:45:53

@edbarnes23

no it is the same rate , the revenues coming from interest or renting will be added to your other incomes and the tax is calculated . here is the a an income tax calculator whether you live in Quebec or in any other Canadian province :

https://ca.talent.com/tax-calculator?sa … ion=Quebec

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