Bringing Monies in excess of 10K to Canada

[Lawndart51]

I have recently married a Chinese National and all the paperwork is proceeding as well as one could expect through the CIS. We are both financially comfortable, and the question we will face in the near future is how to transfer or declare funds and assets from China to Canada at a future date. My partner owns real estate and has some cash in excess of the 10 K. There is no plan at the moment to liquidate the real estate but I am positive access to the monies will come up at some point. My question is, Is it a simple as a declaration and proof that all was obtained legally? Also would there be tax implications? Thanks to all who reply.

 

[PMM]

Hi

I have recently married a Chinese National and all the paperwork is proceeding as well as one could expect through the CIS. We are both financially comfortable, and the question we will face in the near future is how to transfer or declare funds and assets from China to Canada at a future date. My partner owns real estate and has some cash in excess of the 10 K. There is no plan at the moment to liquidate the real estate but I am positive access to the monies will come up at some point. My question is, Is it a simple as a declaration and proof that all was obtained legally? Also would there be tax implications? Thanks to all who reply.

1. If you carry in excessive of 10K into Canada, you must declare it to CBSA on arrival, there is no taxes or duties, but if you don't it can be seized and you can be fined.
2. You will be taxed on the capital gains of any properties you sell after you "land". The tax is on the difference in value between the date of landing and the date of selling. So you should have an evaluation of the property prior to "landing"

PMM

 

[Lawndart51]

That makes perfect sense. Thank You.