Hi All,
I received my COPR last week, I applied under spousal family sponsorship, this was a lot sooner than I had initially anticipated as processing times seem to sit around 10 months, I only submitted 4 months ago. Although I am very grateful for the speed at which my application was processed it has left me in a tricky situation.
I had booked with my fiancé to travel to Canada in three weeks to look around wedding venues and meet some companies with a view to employment. However the sale of my house (primary residence in the UK) is still in progress and will not be completed in time. I am unsure as to the tax implications of not being able to declare those funds when I complete a soft landing in October, and then transferring over those funds into my new Canadian account once I land permanently in the new year .
I have two questions:
1: Are there any Canadian tax implications from transferring large funds from oversees which are not declared on activation of COPR?
2: Do you have to activate COPR on arrival, or can you use ETA instead.
I received my COPR last week, I applied under spousal family sponsorship, this was a lot sooner than I had initially anticipated as processing times seem to sit around 10 months, I only submitted 4 months ago. Although I am very grateful for the speed at which my application was processed it has left me in a tricky situation.
I had booked with my fiancé to travel to Canada in three weeks to look around wedding venues and meet some companies with a view to employment. However the sale of my house (primary residence in the UK) is still in progress and will not be completed in time. I am unsure as to the tax implications of not being able to declare those funds when I complete a soft landing in October, and then transferring over those funds into my new Canadian account once I land permanently in the new year .
I have two questions:
1: Are there any Canadian tax implications from transferring large funds from oversees which are not declared on activation of COPR?
2: Do you have to activate COPR on arrival, or can you use ETA instead.