Bringing money to Canada I had back home.

[JustMarried81]

I came on a PR 3 years ago. I only took in like $70k CAD with me to live as I got married. The person I married had some money problems here and there. I didn't want to bring in all my funds just in case. Since they loved to gamble money here and there I found out. Now we are splitting up. I wanted to bring my funds here to Canada. I am on PR. And it's a few $100k in CAD funds. I can always just let it sit back home but wanted to buy a car and house with it here in Canada with it.

Thank you.

 

[steaky]

You can bring cash to Canada if you want to, but will have to declare them.

 

[Investocrat]

You can bring in money into Canada anytime you want. If your question is about taxation, you will have to make your question clearer.

 

[JustMarried81]

Yes sorry, I had money back home. I didn't put on the sheet when I came to Canada. Because it only asked me to write down what I was bringing into Canada or sending at the time. So I wrote laptop Value $2k, $10k cash on me at the time, and $70k by wire within a months time. I didn't want to bring in $100k's with me to Canada in case it didn't work out with the wife. So my question is. Can I bring in that money and would I have to pay taxes on it? I didn't put it on the sheet in 2014 of things I'd bring later on.

 

[Investocrat]

Depends in what form you had the money. Invested? Savings? etc. Technically, interest earned on the income if saved or invested, may now be taxable. Depending on the type of tax agreement between your country and Canada, this may not amount to much or anything, depending on what taxes have already been deducted back home.

 

[torontosm]

Yes sorry, I had money back home. I didn't put on the sheet when I came to Canada. Because it only asked me to write down what I was bringing into Canada or sending at the time. So I wrote laptop Value $2k, $10k cash on me at the time, and $70k by wire within a months time. I didn't want to bring in $100k's with me to Canada in case it didn't work out with the wife. So my question is. Can I bring in that money and would I have to pay taxes on it? I didn't put it on the sheet in 2014 of things I'd bring later on.

You've been a PR for 3 years, but how long have you been living in Canada? If it's 3 years, did you declare the money overseas on your tax returns? If not, you may have some issues when you bring it in. If you did, then you can have it transferred to Canada without worrying about taxes.

 

[JustMarried81]

You've been a PR for 3 years, but how long have you been living in Canada? If it's 3 years, did you declare the money overseas on your tax returns? If not, you may have some issues when you bring it in. If you did, then you can have it transferred to Canada without worrying about taxes.

My wife did taxes I didn't do them. I never did mention about the other funds I had back home. Should I start adding this to my taxes on next years taxes then? Then bring the money in after that claim?

Yeah PR for 3.5 years. I didn't have a job here at all, since I was living off the money back home for the longest time ever.

 

[bafonso]

My wife did taxes I didn't do them. I never did mention about the other funds I had back home. Should I start adding this to my taxes on next years taxes then? Then bring the money in after that claim?

Yeah PR for 3.5 years. I didn't have a job here at all, since I was living off the money back home for the longest time ever.

You need to file amended tax returns to disclose the money you've had all along. They may wonder where 200k showed up all of a sudden...

 

[JustMarried81]

Anyone know of a good tax person that could help me with this? Cause back home we don't even do taxes it's done before it hits the bank account directly. Unlike the rest of the world.