TAX doubts

[Agastya]

Hi All,

I am a new immigrant (moved in April 2021). Currently, I am receiving Child Benefit from CRA, basis my household income.

My question is:

1. Can I bring in (any) amount of money from (sales of property) from India? I heard that you can bring in any amount of money in the 1st year without any tax implications.....
2. Will it be taxed here in Canada?
3. Will it affect my Child benefit amount that I receive?

 

[PMM]

Hi

Hi All,

I am a new immigrant (moved in April 2021). Currently, I am receiving Child Benefit from CRA, basis my household income.

My question is:

1. Can I bring in (any) amount of money from (sales of property) from India? I heard that you can bring in any amount of money in the 1st year without any tax implications.....
2. Will it be taxed here in Canada?
3. Will it affect my Child benefit amount that I receive?

1. There is no "1 year limitation" you can bring as much money as you want into Canada, along as you declare over $10K if you are carrying. If it is sent electronically, the receiving bank will report it to Fintrac.
2. There are no taxes on money.
3. No, as Child Benefit is based on your employment income,

 

[Agastya]

Hi



1. There is no "1 year limitation" you can bring as much money as you want into Canada, along as you declare over $10K if you are carrying. If it is sent electronically, the receiving bank will report it to Fintrac.
2. There are no taxes on money.
3. No, as Child Benefit is based on your employment income,

Thank you very much.... I appreciate the response.