Do funds carried by PA during subsequent visit to Canada attract tax?

[Thommo]

Hi Seniors,

Presently I am working in Dubai. I want to complete landing formalities at the earliest and will decide later on when to move to Canada for good. Do i need to carry all funds at the time of landing only to avoid taxes? Will funds/jewelery brought to Canada during subsequent trip become taxable?

Rakesh

 

[PMM]

Hi

Hi Seniors,

Presently I am working in Dubai. I want to complete landing formalities at the earliest and will decide later on when to move to Canada for good. Do i need to carry all funds at the time of landing only to avoid taxes? Will funds/jewelery brought to Canada during subsequent trip become taxable?

Rakesh

1. You need to carry proof of your "landing" funds. There is not tax on money transferred in or out of Canada. You have to declare that you are carrying over $10K when entering or leaving Canada, but again there is no tax.
2. If you don't declare jewelry on the goods to follow list with an appraisal and photos (expensive pieces) you will pay taxes and duties on it in the future (very high taxes and duties.) so either bring it with you or declare on your goods to follow list.

 

[Thommo]

Hi

1. You need to carry proof of your "landing" funds. There is not tax on money transferred in or out of Canada. You have to declare that you are carrying over $10K when entering or leaving Canada, but again there is no tax.
2. If you don't declare jewelry on the goods to follow list with an appraisal and photos (expensive pieces) you will pay taxes and duties on it in the future (very high taxes and duties.) so either bring it with you or declare on your goods to follow list.

Thank you very much for this information. It is really amazing that you, Qorax and some other seniors always find time to help others. Hats off to you!