bringing money into Canada

[sunnyinlombardy]

When it comes to the point of moving back to Canada, we will bring about less than $10,000 in cash. But once we open an account in Canada, we have to transfer about $40,000.
This money comes from investing funds here in Italy and we want to transfer the money into a Canadian account and then use it as investing funds again, either mutual funds or something similar.

Are there any implications when transfering this money? Is it considered income because right now the funds are in a savings account.

 

[torontosm]

When it comes to the point of moving back to Canada, we will bring about less than $10,000 in cash. But once we open an account in Canada, we have to transfer about $40,000.
This money comes from investing funds here in Italy and we want to transfer the money into a Canadian account and then use it as investing funds again, either mutual funds or something similar.

Are there any implications when transfering this money? Is it considered income because right now the funds are in a savings account.

There are no implications on transferring money to Canada, and it will not be taxed when you bring it in.