Dear friends,
I am an Indian working in Myanmar (Burma). I have just received my visa and will be doing a soft landing at this stage. I will land in Toronto in May 2019 and will stay with my brother for 3 weeks before returning to Myanmar. I will give his address for delivery of my PR card which he will arrange to send to me later. I plan to move Canada in 2020 after completing my contract here. I have following queries and will appreciate your comments/guidance:
1- When and where to apply for SIN?
2- Do I need to carry an amount equivalent to POF with me or bank statement for amount in my foreign currency account in India will suffice? I want to carry approx USD 2,000 with me.
3-From above posts, I understand that I should apply for health card on my permanent landing.
4-As I will land permanently in Canada in summer 2020 (after almost one year), can I still submit Goods to Follow list?
5-Should I open a Canadian bank account after my first landing?
6-The amount in USD from my current earning is transferetr into foreign currency account in India and I have to pay approx 1% conversion charges. In the future when I will transfer these funds to my Canadian account, I will have to pay conversion charges again. In India I get approx 4% interes. Is it advisable to keep funds in Indian account or Canadian?
7- What about taxation if keep my funds in India or Canada?
8- After obtaining Canadian PR, do I need to show my earnings of Myanmar to CRA and start paying taxes or it will apply after my permanent move?
Sorry for posting many questions.
Thanks in advance.
1) Either at the airport, if available, or at a Service Canada office in Toronto.
2) Doesn't have to be hard cash. You just need to show that they are
immediately available. (Not a pension fund for example)
3) Do
not apply for a health card during a "soft" landing, as you will not be eligible. Apply when you are returning to settle permanently.
4) The legislation states that the settler exemption only applies when you come to settle for the first time for at least a year. It's not applicable to a "soft" landing.
5) Yes, you might as well if you able to do so. It may facilitate things in the future. There may be some perks from some banks. Shop around.
6) There will always be conversion and transaction charges, at every currency exchange. Plan accordingly.
7) If you are only concerned about cash assets, tax is unlikely to be an issue either way.
8) Check with CRA if you are concerned but you probably will not be liable for Canadian tax until you become an actual tax resident.
