Declaration of assets
- Thread starter B RADHIKA
- Start date
Omidahomie
Hero Member
- Aug 23, 2016
- 37
- NOC Code......
- 0122
- App. Filed.......
- September 4th, 2016
- Nomination.....
- CRS of 496
- AOR Received.
- 22-03-2017
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- Overall score of 8
Did a soft landing in November 2017. Moving permanent now. Didn’t file any taxes yet. What should I do once I land? Is the money I earned since becoming PR taxable? Do I have to report that income?
If you did not established certain residential ties and did not became Canadian tax resident in 207, then no overseas income would be taxable. You would still report your income for CCB benefits. If you have assets outside Canada, you should get their fair market value before you establish your Canadian residency.
If you have goods to follow, then declare them at landing.
Hi,
I did an inland landing in Canada 3 weeks back.I was just asked if I had anything in my car that had to be declared. SInce I did not have anything in my car as I was doing a Flag polling within Canada,I said 'No' and forgot to ask the CBSA if any fixed assets and money from other countries had to be declared.
Will I be taxed if I bring in money from another country to this country (Bank to Bank transaction)?
Will I taxed for the gold and silver Jewelry that I own here and have not declared?
Will I be taxed if I dissolved properties and bring money from my country of Origin at a later point?
If Yes,Is there a way for me to declare my fixed assets and money that I am planning to bring to this country from elsewhere(Bank to Bank transaction) now?
Regards,
Roopa
I did an inland landing in Canada 3 weeks back.I was just asked if I had anything in my car that had to be declared. SInce I did not have anything in my car as I was doing a Flag polling within Canada,I said 'No' and forgot to ask the CBSA if any fixed assets and money from other countries had to be declared.
Will I be taxed if I bring in money from another country to this country (Bank to Bank transaction)?
Will I taxed for the gold and silver Jewelry that I own here and have not declared?
Will I be taxed if I dissolved properties and bring money from my country of Origin at a later point?
If Yes,Is there a way for me to declare my fixed assets and money that I am planning to bring to this country from elsewhere(Bank to Bank transaction) now?
Regards,
Roopa
You declare your personal effects when you move to Canada permanently. You can bring in your gold, silver and jewelry tax free, just list them on the B4E form.
You are deemed to have acquired all your assets such as stock, bond, real estate and currency, at fair market price on the date you move to Canada. When you dispose of these assets at a later date you will then pay tax on the gain. Therefore it is important that you keep a record of the value of your assets in Canadian dollars.
You are deemed to have acquired all your assets such as stock, bond, real estate and currency, at fair market price on the date you move to Canada. When you dispose of these assets at a later date you will then pay tax on the gain. Therefore it is important that you keep a record of the value of your assets in Canadian dollars.
Thanks for the reply!
Yes,I have moved to Canada permanently.But it slipped my mind to declare my assets like property back home/money in banks etc?How do I declare it now?
If the value of your foreign assets, including US securities in Canadian brokerage, is over $100,000 CAD, you fill out Form T1135 and file it with your second tax return.