Form B4 (Goods to Follow/Accompanying List): How to ???

[dick]

Hi.

I have question about my pension which should issued to be after my 60 years old and now I am 40.

Do I need to delcare it on B4E or E667 form?

Thanks for kindly reply and help

Dick

 

[rizmayo]

Hi.

I have question about my pension which should issued to be after my 60 years old and now I am 40.

Do I need to delcare it on B4E or E667 form?

Thanks for kindly reply and help

Dick

No

 

[dick]

No ? for both B4 and E667 form?

No need to declare?

Is it taxable when you got this pension money in 60?

 

[Vats]

Nice Info available

 

[rizmayo]

No ? for both B4 and E667 form?

No need to declare?

Is it taxable when you got this pension money in 60?

You do not declare any income you are going to get in the future.

Once you start getting the pension (after 60), start declaring it on your yearly income tax return.

Regards,

 

[dick]

You do not declare any income you are going to get in the future.

Once you start getting the pension (after 60), start declaring it on your yearly income tax return.

Regards,

Thanks Rizmayo.

But I don't know why someone told me that I should declare it in Goods to Follow! They said that if I don't declare it then it will tax me as the lump sum is much higher than in your yearly salary. Is it truth to writie it in the follow list? Also, about 25% taxable from your pension which is not acceptable. Right?
It is because that is the value you keep it in your government pension. Let said it that it is arround CAD$120,000 you will got in 60 and then monthly paid around CAD$600.

Thanks for your kindly reply.

 

[rizmayo]

Thanks Rizmayo.

But I don't know why someone told me that I should declare it in Goods to Follow! They said that if I don't declare it then it will tax me as the lump sum is much higher than in your yearly salary. Is it truth to writie it in the follow list? Also, about 25% taxable from your pension which is not acceptable. Right?
It is because that is the value you keep it in your government pension. Let said it that it is arround CAD$120,000 you will got in 60 and then monthly paid around CAD$600.

Thanks for your kindly reply.

That is not the purpose of the form B4e. Adding it to a form now will exempt that income from tax in the future.

You will add the income from the pension in your yearly tax filling once you start to receive it. If you are getting $600 per month, then you must add $7,200 (600x12) to your yearly income.

If your country already deducts tax from the amount before giving it to you, you may not have to pay any tax at all in Canada: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/115/frgn/menu-eng.html

Regards,

 

[dick]

That is not the purpose of the form B4e. Adding it to a form now will exempt that income from tax in the future.

You will add the income from the pension in your yearly tax filling once you start to receive it. If you are getting $600 per month, then you must add $7,200 (600x12) to your yearly income.

If your country already deducts tax from the amount before giving it to you, you may not have to pay any tax at all in Canada: http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/ncm-tx/rtrn/cmpltng/rprtng-ncm/lns101-170/115/frgn/menu-eng.html

Regards,

Thanks very much Rizmayo

But i have another question about my lump sum value(CAD$120,000) which will got it my age in 60 years old, is these value are count into the taxable year when I will receive in 2036?

 

[rizmayo]

Thanks very much Rizmayo

But i have another question about my lump sum value(CAD$120,000) which will got it my age in 60 years old, is these value are count into the taxable year when I will receive in 2036?

Yes that is correct. In 2036 you will have to declare an foreign income of $120,000. Again if tax is already deducted on this amount you may not have to pay tax on this, or you will only have to pay the difference.

Regards,

 

[dick]

Yes that is correct. In 2036 you will have to declare an foreign income of $120,000. Again if tax is already deducted on this amount you may not have to pay tax on this, or you will only have to pay the difference.

Regards,

Many Many thanks for your kindly reply.

That mean nothing I can be do in this momemt for my future pension.

 

[nazishk]

hi qorax,

can you plz answer a query that i am bringing 150 gms of gold bar along with my jewelry will it be a problem?

its urgent
thnx

 

[akbardxb]

hi qorax,

can you plz answer a query that i am bringing 150 gms of gold bar along with my jewelry will it be a problem?

its urgent
thnx

For jewellery, ideally you should have pictures with an estimate of the value. Same applies to gold bullion.

 

[dick]

Yes that is correct. In 2036 you will have to declare an foreign income of $120,000. Again if tax is already deducted on this amount you may not have to pay tax on this, or you will only have to pay the difference.

Regards,

Hi Rizmayo,
if the lump sum value do not taxable in my country, is the canada government will tax me? it is because the lump sum value is tax free in my country and it is only tax on my monthly pension.

thanks for your reply.

 

[rizmayo]

Hi Rizmayo,
if the lump sum value do not taxable in my country, is the canada government will tax me? it is because the lump sum value is tax free in my country and it is only tax on my monthly pension.

thanks for your reply.

Yes, it will be taxed.

Also if you end up taking any government benefits for being in low income class in Canada, they will also stop as you will be bumped into the high income class in that tax year.

Suggest you contact a tax consultant once you come to Canada for guidance on the correct way to bring that amount into Canada and how to declare it, so you do not end up paying unnecessary taxes. Unfortunately, even though tax legislation is very comprehensive here, it has many loop holes and you need a tax consultant to get maximum benefits.

Regards,

 

[rizmayo]

Hi Rizmayo and other forum members, I need your help:

Our COPR was issued in March but was lost, we finally got a new one a week ago and it expires in August. We live in the US. Two months is not enough for my wife to organize herself, pack everything, terminate our numerous obligations and move. For crying out loud, the movers in our area have a 3 month wait list! Congrats on achieving this milestone, even if the circumstances are less then ideal.

So here are my questions:

-We plan to go there in three weeks, just land and tell them that our COPR was lost, we only received it last month and we need more time to gather our belongings. So we plan to go back in a week and come back to stay later. We will provide them with an address in Ontario for our PR cards to go to. Since we are from a visa exempt country we don't need a visa to come back. Can this be done? Or will they get mad at us for leaving after a week? There are 2 parts to this question: 1) Landing and going back immediately is not a problem, as Canadian PR there is no restriction on your movement. There are residency requirements you need to meet for provincial services like health insurance, however you need not worry about it till you permanently move to Canada. 2) Will they get mad at you? The answer is yes ;D 2 things will happen (or rather not happen) if you disclose you are not moving permanently in this trip:

• They will not take your address in Canada for delivery of PR cards. This is not a problem, there is website link where you have to enter your Canadian address and you can do it the next day after landing, even if CBSA officer says no to you. PR cards will be delivered to that address without an issue.
• They will not stamp your form B4e: Goods to Follow . CBSA officer will tell you that you can get this done when you move permanently, however I am not sure if the same allowance will be made to you at that time, as it is customary for a newly landed immigrant. You will have to clarify this with CBSA.

-If it can be done, we will literally bring nothing with ourselves this time, but we wanted to prepare two B4 documents. One that includes all our furniture and belongings that will come with the movers later, and one B4 for the expensive things, like jewelry and other stuff we would bring with ourselves the next time we come to stay. Can this be done? Having two separate B4 docs of things that will come later, one for merchandise coming with movers and one for more expensive things coming with us? Normally we prepare 1 set of form B4e for goods that are accompanied (at time of landing) and 1 set for goods to follow (will come with movers or you will bring at a later date). However I see no harm in preparing the forms the way you want to. The CBSA officer can always merge the lists by adding the items from the 2 forms on 1.

Please let me know, this has been very difficult on my family, we have waited 4 years now... Any advice you may have will be most welcome.

Thank you,
Cam1234