Are loan receivables post landing taxable?

[merags]

Hi all,
Recently received my PPR and planning to land in Mar 2018.

I wanted to get some feedback about my tax liabilities for a specific case.

I have lent some money to a relative who intends to repay it in monthly installments lasting till Dec 2019. Since this will be well beyond my landing date, would I be expected to pay tax on this?

If no, then what are the documents that CRA will expect me to provide?

Thanks

 

[HamiltonApplicant]

Hi all,
Recently received my PPR and planning to land in Mar 2018.

I wanted to get some feedback about my tax liabilities for a specific case.

I have lent some money to a relative who intends to repay it in monthly installments lasting till Dec 2019. Since this will be well beyond my landing date, would I be expected to pay tax on this?

If no, then what are the documents that CRA will expect me to provide?

Thanks

If your relatives are paying you only what they owe you, and not any interest, you don't have to pay tax on what you receive.

CRA does not expect any documents per se, they are required only if there is an audit...

 

[merags]

If your relatives are paying you only what they owe you, and not any interest, you don't have to pay tax on what you receive.

CRA does not expect any documents per se, they are required only if there is an audit...

Thanks for your feedback. I am from India but work in the UAE--where my money is due. It might be difficult to get notarization and other legal work done once I leave. So I would like to be prepared with any documents that might be needed if I am audited by CRA in the future. I understand that it would be better to seek professional advise, but I do not know whom to approach in UAE..Most the companies that I called up only offer "I will help you get PR" services. Any advice or pointers would be helpful.

 

[steaky]

Thanks for your feedback. I am from India but work in the UAE--where my money is due. It might be difficult to get notarization and other legal work done once I leave. So I would like to be prepared with any documents that might be needed if I am audited by CRA in the future. I understand that it would be better to seek professional advise, but I do not know whom to approach in UAE..Most the companies that I called up only offer "I will help you get PR" services. Any advice or pointers would be helpful.

Before your settlement in Canada, just make sure you have a written agreement with your relative showing the repayment installment dates and amount of money the relative owed you.

 

[merags]

Before your settlement in Canada, just make sure you have a written agreement with your relative showing the repayment installment dates and amount of money the relative owed you.

thanks @steaky ..