Coming to Canada as a PR/Bringing money - time or amount limit?

[PGP_Coast]

1) No declaration to be made for assets at the time of flagpoling
2) You do not understand! They only need to know the value of their assets when they become tax residents. If they don't become tax residets, then they do not need to make declarations
Others) I suggest you get a professional accountant to sort it out preferably one who specialise Canada/India taxation.

What are tax residents?
I have a similar question: If parents have a house, which they may sell in later years after becoming permanent residents, should they mention it in goods to follow list at the time of their landing in Canada as permanent resident?

 

[steaky]

What are tax residents?
I have a similar question: If parents have a house, which they may sell in later years after becoming permanent residents, should they mention it in goods to follow list at the time of their landing in Canada as permanent resident?

From google, here is a description of what a tax resident is:

Generally, an individual will be a tax resident of a jurisdiction if, under the laws of that jurisdiction, they pay or should be paying tax there because of their domicile, residence, or a similar criterion.

In other words, if they don't domicile and reside in Canada upon landing as Permanent residents, then they don't immediately become tax residents of Canada.

Assets are generally not considered goods and are not to be mentioned in goods to follow list. Exceptions are jewelries, precious stones and metals such as gold and silver.

 

[PGP_Coast]

From google, here is a description of what a tax resident is:

Generally, an individual will be a tax resident of a jurisdiction if, under the laws of that jurisdiction, they pay or should be paying tax there because of their domicile, residence, or a similar criterion.

In other words, if they don't domicile and reside in Canada upon landing as Permanent residents, then they don't immediately become tax residents of Canada.

Assets are generally not considered goods and are not to be mentioned in goods to follow list. Exceptions are jewelries, precious stones and metals such as gold and silver.

If assets like house not to be mentioned in goods to follow form then what should be the process/declaration to follow once they become landed immigrants and once assets will be sold in the future?

Thank you!

 

[canuck_in_uk]

If assets like house not to be mentioned in goods to follow form then what should be the process/declaration to follow once they become landed immigrants and once assets will be sold in the future?

Thank you!

Depending on the value and use, they have to be declared to CRA on a T1135.

 

[ruka]

No, actually you can bring any amount of money anytime, regardless the first you come to Canada or any future date. Only income is taxable.

You have to declare any amount over $10,000, otherwise you will be fined. If you are flying on a international flight, you would be given a form to declare. If you are driving, the immigration officer might ask you about it or you can disclose it.

For any assets you left outside Canada, declare them in your/parents' Canadian tax return (your world income is taxable subject to tax treaties between Canada and that country). If you/parents sell them while you/parents are tax resident of Canada, then report the gain/loss in the Canadian tax return.

No, actually you can bring any amount of money anytime, regardless the first you come to Canada or any future date. Only income is taxable.

You have to declare any amount over $10,000, otherwise you will be fined. If you are flying on a international flight, you would be given a form to declare. If you are driving, the immigration officer might ask you about it or you can disclose it.

For any assets you left outside Canada, declare them in your/parents' Canadian tax return (your world income is taxable subject to tax treaties between Canada and that country). If you/parents sell them while you/parents are tax resident of Canada, then report the gain/loss in the Canadian tax return.

Thanks a lot @steaky for the clarifications.
So what I understand is, when we sell property only capital gain is taxable. So we need to have a valuation of property at the time of landing to prove and calulate this.
@steaky , I got my PR and only doing a soft landing next month or so and returning to the home country after a short stay. As I understood, we need declare capital gains for the selling of property in the home country only after we become tax residents in Canada. So I would become a tax resident only after I hard land next year. So should I get these property valuations done before I do the hard landing next year or now before the soft landing. Buy looking at these post, what I understand is that I need to do the property valuations at the time of hard landing. So that when I sell the properties in the home country say after five years, I have a reference to show in calculating my capital gains. Is that correct ? Your response to this is much appreciated. Thanks

 

[steaky]

Thanks a lot @steaky for the clarifications.
So what I understand is, when we sell property only capital gain is taxable. So we need to have a valuation of property at the time of landing to prove and calulate this.
@steaky , I got my PR and only doing a soft landing next month or so and returning to the home country after a short stay. As I understood, we need declare capital gains for the selling of property in the home country only after we become tax residents in Canada. So I would become a tax resident only after I hard land next year. So should I get these property valuations done before I do the hard landing next year or now before the soft landing. Buy looking at these post, what I understand is that I need to do the property valuations at the time of hard landing. So that when I sell the properties in the home country say after five years, I have a reference to show in calculating my capital gains. Is that correct ? Your response to this is much appreciated. Thanks

Your understanding is correct.

 

[ruka]

Your understanding is correct.

thanks a lot @steaky