Tax for new immigrant from earlier income - phase of bringing in

[Pratikkumar]

Hi Everyone!

I was trying to search relevant earlier thread but not sure if this is asked before.

My background: I have received nomination from OINP and expecting ITA in coming draw.
Here are my questions.

• Shall I get all my funds (from earlier income) to canada while landing or there is a way to bring them later without paying tax?
  
• Another question for funds from property sale (outside canada) is taxed?

 

[steaky]

If you follow my posts or torotosm's, you will find the answer.

Back to your original questions:

1) Your choice to bring it at landing or later.
2) If you have linked your account with Canada, you can transfer money online.
3) If you became resident for tax purposes, then your foreign property will be taxable. See the cra website for more info about capital gain and loss.

 

[bb1951]

I wish to declare CAD 3 million in cash in my first returns after landing . However my bank accounts don't reflect a balance of CAD 3 million as money has been invested in giving loans and other business which are not yielding any profit now.If I declare CAD 3 million in cash will CRA ask me for documentary proof of the money . I will not be able to provide documentary evidence besides my bank statement which is much less than 3 million. Please advise.

 

[steaky]

I wish to declare CAD 3 million in cash in my first returns after landing . However my bank accounts don't reflect a balance of CAD 3 million as money has been invested in giving loans and other business which are not yielding any profit now.If I declare CAD 3 million in cash will CRA ask me for documentary proof of the money . I will not be able to provide documentary evidence besides my bank statement which is much less than 3 million. Please advise.

You will just mention that the 3 million has been invested in giving loans and other business.

 

[bb1951]

Can any one give me a copy of form I have to fill on filing my first return

 

[bb1951]

I need to see the form to know what all information iam suppose to fill when I file the returns

 

[steaky]

I need to see the form to know what all information iam suppose to fill when I file the returns

Download the T1 general tax return and guide from the cra.gc.ca website. Select your province.