Bringing funds to Canada at a later date..Post Landing

[ohmygoditsdhaval]

Dear friends,
I shall be soon making my first landing. While I am aware about the Landing-funds and ways to take them with me, I need some more clarity,

I intend to take my required Landing-funds (partly by cash, partly by Travelers Cheque) but apart from these funds I still have a substantial amount of monies which is currently invested (in Deposits and Mutual-Funds)

I will not be taking all my funds along with me right-now, but would surely want to take them at a later date as and when it reaches its maturity dates. How do I manage this???

Will I be allowed to take this at a later date ? (What will I be required to declare while landing?)
I do not want to incur any Taxation if I decide to take additional money after my landing, lets say after a year or so...how should i do it.

Any help will be appreciated.

cheers, and thanks in advance,

Shah

 

[Investocrat]

I believe you are able to bring these funds in at a later date without having to pay taxes. You should declare their current value when landing. Taxes have already been paid (or will be paid) in your home country. Any new investment you make after landing would be liable to taxes in Canada since your worldwide income becomes taxable once you become a Canadian resident.

 

[ohmygoditsdhaval]

I believe you are able to bring these funds in at a later date without having to pay taxes. You should declare their current value when landing. Taxes have already been paid (or will be paid) in your home country. Any new investment you make after landing would be liable to taxes in Canada since your worldwide income becomes taxable once you become a Canadian resident.

Thanks for your take, highly appreciated.

 

[HamiltonApplicant]

Dear friends,
I shall be soon making my first landing. While I am aware about the Landing-funds and ways to take them with me, I need some more clarity,

I intend to take my required Landing-funds (partly by cash, partly by Travelers Cheque) but apart from these funds I still have a substantial amount of monies which is currently invested (in Deposits and Mutual-Funds)

I will not be taking all my funds along with me right-now, but would surely want to take them at a later date as and when it reaches its maturity dates. How do I manage this???

Will I be allowed to take this at a later date ? (What will I be required to declare while landing?)
I do not want to incur any Taxation if I decide to take additional money after my landing, lets say after a year or so...how should i do it.

Any help will be appreciated.

cheers, and thanks in advance,

Shah

You can definitely bring in funds later, and you don't have to declare the actual amount during first landing; However, do not wait for 5-6 years, there might be questions from the tax man! Try and do it within 24 months of landing...

 

[bb1951]

I am a PR landed in Nov 16 but did not file returns in april 2017 as it was less than 6 months.Now in april 2018 I will file my returns.I have properties shares and bank deposit in India and my Bank deposit in UAE.will I have to give documentary proof in the form of bankstatement for the money I declare when I file my returns.

 

[steaky]

I am a PR landed in Nov 16 but did not file returns in april 2017 as it was less than 6 months.Now in april 2018 I will file my returns.I have properties shares and bank deposit in India and my Bank deposit in UAE.will I have to give documentary proof in the form of bankstatement for the money I declare when I file my returns.

No documentary proof is needed when file returns.

 

[bb1951]

What all information is required while filing IT returns for 1st time.How does the IT return form looks like

 

[bb1951]

Do I have to give in separate head the cost of my property, shares, bank deposits and cash money with me and cash given to my friends and relatives as loan or I can write all in one head

 

[HamiltonApplicant]

I am a PR landed in Nov 16 but did not file returns in april 2017 as it was less than 6 months.Now in april 2018 I will file my returns.I have properties shares and bank deposit in India and my Bank deposit in UAE.will I have to give documentary proof in the form of bankstatement for the money I declare when I file my returns.

Yes, you are required to declare your worldwide income. You don't have to declare assets in your Tax return, all you have to declare is the income from those assets. Example: If you have 10 Million Indian RS in your bank account which yields 1 Million Indian RS as interest, you will have to declare the equivalent of 1 Million RS in Canadian $s as part of your worldwide income.

If the country where you generated income has a tax treat with Canada, you will not be double taxed!

 

[bb1951]

Thanks for your reply. I live in Gulf and there is no taxation here.So will I be taxed on my income here by CRA.What documentary proof I have to show if I declare a big amount more than 1 million CAD in cash with me here.

 

[steaky]

You don't have to declare assets in your Tax return, all you have to declare is the income from those assets. Example: If you have 10 Million Indian RS in your bank account which yields 1 Million Indian RS as interest, you will have to declare the equivalent of 1 Million RS in Canadian $s as part of your worldwide income.

You do have to declare the 10 Million Indian RS in your tax return as well as the income yield.

 

[steaky]

Thanks for your reply. I live in Gulf and there is no taxation here.So will I be taxed on my income here by CRA.What documentary proof I have to show if I declare a big amount more than 1 million CAD in cash with me here.

If you withdraw the money from bank, then show the withdrawal receipt.

 

[HamiltonApplicant]

Thanks for your reply. I live in Gulf and there is no taxation here.So will I be taxed on my income here by CRA.

Yes!

What documentary proof I have to show if I declare a big amount more than 1 million CAD in cash with me here.

When you file your income tax return, you are not required to provide any documentary evidence, Evidence will be required only if there is an audit! I don't know how banks of Gulf operate, but here in Canada, banks issue a form called T5(I think) providing as to how much taxable amount was yielded by your deposits.

In your case, keep all the statements issued by your bank, I am sure it will clearly show the interest earned; Submit them to CRA if they demand them. Normally, tax man is only too happy to see some foreign income and tax it...