How to declare my fixed assets/property (lands, apartment..etc) before landing?

[ammia_81]

I am doing a short landing on March 2016 with my family for few weeks and return back. I wil be permanently moving to Calgary after 1-2 years time.

Shall i declare all my assets/savings (bank balance, land, apartment ect) so that when I move permanently and transfer all that money to canada, I will not be taxed on that money? If yes, how can I declare theses assets?

Thanks a lot

 

[PMM]

Hi

I am doing a short landing on March 2016 with my family for few weeks and return back. I wil be permanently moving to Calgary after 1-2 years time.

Shall i declare all my assets/savings (bank balance, land, apartment ect) so that when I move permanently and transfer all that money to canada, I will not be taxed on that money? If yes, how can I declare theses assets?

Thanks a lot

1. Money is not taxed nor is duty paid.
2. Your property overseas will require a valuation which you need to keep. You will have to pay capital gains tax in Canada on the difference between the valuation prior to "landing" and the selling price after "landing".

 

[Gregor.Samsa]

You have to declare any money or similar that you're carrying over CAD $10,000
If you are close to this amount is safer to declare it in the Customs declaration card provided in the flight

If you need to show Proof of Funds (it's depends of your PR stream), you should carry the same documentation you did used for PR application and updates statement if needed.

If you're importing personal stuff like jewelry, computers.. you should fill out a form, if you're planning to import it later you should mark Goods to Follow and provide a detailed list. All of this is to avoid paying taxes for this merchandises owned by your family prior to come to Canada.


http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/bsf186-eng.html

http://www.cbsa-asfc.gc.ca/cpr-crp-eng.html

There are some food restrictions, you should declare any food or avoid issues.

http://www.cbsa-asfc.gc.ca/travel-voyage/aba-apa-eng.html

http://www.cbsa-asfc.gc.ca/publications/forms-formulaires/e311-eng.pdf

 

[steaky]

You will have to pay capital gains tax in Canada on the difference between the valuation prior to "landing" and the selling price after "landing".

Not exactly. OP would be only doing a short landing and return to Canada to establish residency in 1 to 2 years. Thus, he will have to pay capital gains tax in Canada on the difference between the valuation prior to "next landing" and the selling price after "next landing".

 

[Gregor.Samsa]

You have to pay taxes in Canada only if you're a resident in Canada for taxes purposes.

As a general rule if you're living in Canada more than 6 months per year, then you have to pay taxes here, just in your previous country.

So if you are landing for a short time you don't have to pay taxes here.

Or if you land in mid July or later you're not a Canadian tax residence until the next year.


There are some exceptions, but this is the general rule

 

[Gregor.Samsa]

http://www.cra-arc.gc.ca/tx/nnrsdnts/cmmn/rsdncy-eng.html

 

[Gregor.Samsa]

I am doing a short landing on March 2016 with my family for few weeks and return back. I wil be permanently moving to Calgary after 1-2 years time.

Shall i declare all my assets/savings (bank balance, land, apartment ect) so that when I move permanently and transfer all that money to canada, I will not be taxed on that money? If yes, how can I declare theses assets?

Thanks a lot

Just yo clarify:

At the border, firts time landing you have to declare:

- Cash, checks and similar if a close or more than $10000 CAD. It's not for taxes purposes, if you fail to declare you can get a fine, money taked or worse.

- Goods you are important, if you owned for 6 months before landing is tax free. You have to declare everything, but most important are valuable items like jewelry, computers... prepare a list, with photos of most valuable. A form can be filled out before landing or athe the border.

- Goods to Follow, prepare the same kind of list to inform border officer you're willing to import later these stuff.
(Could be possible to import later goods no declared as "to follow", if you have receipts showing were purchased 6 months before your first landing, I think)

- Any food you're transporting.
Avoid to import meat, there are important restrictions.
Check the food restrictions or better don't bring any at all.

Next time at the border:
- money exceeding $10000 (or close)
- Goods declared as "to follow"
- Food



First time filling taxes return (around April a year after you're resident for tax purposes):
- Money earnings: salary, capital gains (like shares, propertie sales...), bank interest...
(In Canada or abroad)
- properties abroad bought for $100,000 CAD or more


So, answer to your first question, you're not declaring at the border the money and properties in your country.

 

[ziffyasif]

We have just landed here and I have the same doubts. I asked at the border if i need to declare my property assets and savings in bank accounts which I am not carrying with me but they said they don't need it.

My doubt is:
1. Later when I wire my savings to my Canada bank account will it be taxed?
2. When sell my property and bring the money into Canada on what initial value will the capital gains be calculated. I have read on the site that they will consider the property value to be as if we sold it and reacquired on the day of our landing at the fair price on that day but how do we prove that value? Do we need to get the property valuation done before landing or it could be done at the time of sale for the date we landed?

 

[mf4361]

We have just landed here and I have the same doubts. I asked at the border if i need to declare my property assets and savings in bank accounts which I am not carrying with me but they said they don't need it.

My doubt is:
1. Later when I wire my savings to my Canada bank account will it be taxed?
No. Canada do not tax people for bringing money into the country. They track $10000 physical possession of money at borders to fight money laundry (We are terrible at this). Wire transfers are always tracked by FinTRAC.
2. When sell my property and bring the money into Canada on what initial value will the capital gains be calculated. I have read on the site that they will consider the property value to be as if we sold it and reacquired on the day of our landing at the fair price on that day but how do we prove that value? Do we need to get the property valuation done before landing or it could be done at the time of sale for the date we landed?

 

[FLR]

Hi everyone,
My parents are "soft-Landing" in Toronto next week, staying for 2 weeks and then leaving back for the Resident country. They plan to permanently move some 2 years. They have considerable assets in the form of property, in resident county which they plan to sell in the next 2 years. Should they be declaring as "good to follow" at their soft-landing in two weeks? The good to follow sheet is B4A sheet in the CIC website?

 

[armoured]

Hi everyone,
My parents are "soft-Landing" in Toronto next week, staying for 2 weeks and then leaving back for the Resident country. They plan to permanently move some 2 years. They have considerable assets in the form of property, in resident county which they plan to sell in the next 2 years. Should they be declaring as "good to follow" at their soft-landing in two weeks? The good to follow sheet is B4A sheet in the CIC website?

I refer you to the thread in which you asked this question some months ago. Read that, use the internet, and if you can't figure it out, hire a professional.

https://www.canadavisa.com/canada-immigration-discussion-board/threads/parents-landing-declaration-of-assets.854720/

And as a hint: 'goods to follow' refers to goods that physically will come to Canada. Movable property. Real estate is immovable property.

Second hint: if they plan to sell all their property before they move to Canada, they'll be looking at other aspects (reporting bank accounts or bringing money to Canada).

 

[steaky]

Hi everyone,
My parents are "soft-Landing" in Toronto next week, staying for 2 weeks and then leaving back for the Resident country. They plan to permanently move some 2 years. They have considerable assets in the form of property, in resident county which they plan to sell in the next 2 years. Should they be declaring as "good to follow" at their soft-landing in two weeks? The good to follow sheet is B4A sheet in the CIC website?

If you look closely, B4A isn't in the CIC website but in the CBSA one.

Your older siblings (who sponsored your parents for immigration) probably know this - you should ask them.