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

[sarimraza]

Dear

Thanks for the information.

I wish to know that canada taxes its residents on their world income, but if person has earned income in canada and native country ie india -- then why does canada tax the person on world income, since that individual has already paid tax in their native country ie india

Wouldnt this be double taxation by Canada ?

Thanks

 

[COPRQuestion]

Dear

Thanks for the information.

I wish to know that canada taxes its residents on their world income, but if person has earned income in canada and native country ie india -- then why does canada tax the person on world income, since that individual has already paid tax in their native country ie india

Wouldnt this be double taxation by Canada ?

Thanks

You're given a tax credit for the amount you've already paid in your home country and then this is taken into account when you Canadian tax is calculated.

 

[smureham]

Dear all,

I have my PR landing next week. I studied in Canada and worked for a year and am now getting my PR (i have already been a resident for 5 years and paid tax aswell from my job). When I do my PR landing, what is the best way for me to declare my assets back home (these are not declared yet). I have shares in private company over 1.5 million USD and real estate of over 1 million USD given to me by my parents.
From what I read and hear is that if i declare these assets in my landing, then at some point in future if i want to sell my shares and real estate and move large amount of funds to Canada, I am not taxed and there are no questions asked as I have already declared them. I would appreciate a response.

Thank you very much.

 

[COPRQuestion]

Dear all,

I have my PR landing next week. I studied in Canada and worked for a year and am now getting my PR (i have already been a resident for 5 years and paid tax aswell from my job). When I do my PR landing, what is the best way for me to declare my assets back home (these are not declared yet). I have shares in private company over 1.5 million USD and real estate of over 1 million USD given to me by my parents.
From what I read and hear is that if i declare these assets in my landing, then at some point in future if i want to sell my shares and real estate and move large amount of funds to Canada, I am not taxed and there are no questions asked as I have already declared them. I would appreciate a response.

Thank you very much.

Unfortunately, your shares and assets have nothing to do with landing as a PR. You don't need to declare these to customs.
As Canada operates global taxation you'll be taxed on any capital gain on the shares and property. What does happen is the day you become PR you are deemed to have sold and bought back your property and shares on that day. My advice is get a valuation of the shares on that day and a property valuation.

You need to declare ownership of these on your tax return.

Speak to a tax accountant though but in my understanding you can't just declare them and then they are tax free.

 

[hina_fastian]

Hi,

We are planning to move to Canada and not sure if the funds we have here in our accounts would be taxed or not. Also, we don't plan to bring in all the money right now and transfer them with time. Would the money that comes in later be taxed? How does the govt. decide what amount is non-taxable for new immigrants? Please assist

 

[canuck_in_uk]

Hi,

We are planning to move to Canada and not sure if the funds we have here in our accounts would be taxed or not. Also, we don't plan to bring in all the money right now and transfer them with time. Would the money that comes in later be taxed? How does the govt. decide what amount is non-taxable for new immigrants? Please assist

Hi

You are not taxed on money you already have. You are free to transfer your money whenever you want.

You do need to declare and pay tax on any income earned outside of Canada, such as interest.

 

[hina_fastian]

Hi

You are not taxed on money you already have. You are free to transfer your money whenever you want.

You do need to declare and pay tax on any income earned outside of Canada, such as interest.

Thanks for a quick reply. When you say 'Money you already have' how is the govt tracking it? The statements we submitted with our Express Entry application? Coz other than that we didn't declare funds any where.

 

[canuck_in_uk]

Thanks for a quick reply. When you say 'Money you already have' how is the govt tracking it? The statements we submitted with our Express Entry application? Coz other than that we didn't declare funds any where.

They don't track it. The Canadian tax system is based on self-declaration.

 

[SmartSA]

I have a follow up question - what happened to stocks that have vested and you have paid tax on it - in my current country we are charged at the time of vesting and not on the gain when you sell the shares. Now if I move to Canada as a PR - how will I be taxed?

 

[steaky]

I have a follow up question - what happened to stocks that have vested and you have paid tax on it - in my current country we are charged at the time of vesting and not on the gain when you sell the shares. Now if I move to Canada as a PR - how will I be taxed?

You send a Canadian tax return when you sell the share. You will be taxed according to your income level and which province you live.

 

[canuck78]

I have a follow up question - what happened to stocks that have vested and you have paid tax on it - in my current country we are charged at the time of vesting and not on the gain when you sell the shares. Now if I move to Canada as a PR - how will I be taxed?

Yes you are taxed on capital gains you declare. Declare any losses as well that you can carry over to following years.

 

[manbrar]

hello dear i need help here my husband lading PR canada this weekend can he bring some cash with him around canadian 5000 dollar do he need to mention somewhere that he is bringing that much cash . when he is gonna fill form in the plane there is options that we need to mention value of our stuff do we need to mention there? plz advise can he do that or no thnku in advance

 

[manbrar]

hello dear i need help here my husband lading PR canada this weekend can he bring some cash with him around canadian 5000 dollar do he need to mention somewhere that he is bringing that much cash . when he is gonna fill form in the plane there is options that we need to mention value of our stuff do we need to mention there? plz advise can he do that or no thnku in advance

 

[steaky]

hello dear i need help here my husband lading PR canada this weekend can he bring some cash with him around canadian 5000 dollar do he need to mention somewhere that he is bringing that much cash . when he is gonna fill form in the plane there is options that we need to mention value of our stuff do we need to mention there? plz advise can he do that or no thnku in advance

There is no form in the plane. Just tell him to use and follow all the instruction in the kiosk at arrival hall of the airport. He can bring any amount of cash.

 

[manbrar]

There is no form in the plane. Just tell him to use and follow all the instruction in the kiosk at arrival hall of the airport. He can bring any amount of cash.

thnku fr ur rply dear ... what whenever i come from india i get little form in the plane to fill that my passport information what i m bringing what valuation fr that stuff but thanku i will let him know he can bring cash with him