Funds

[hai]

Hello everyone
We are landing by the end of next month. Is there any possibility of declaring money that we will take to Canada at a later stage?
We are planning to dispose a property and want to invest it in Canada. But there is a delay in getting the money before we go. please advise
Thanks

 

[PMM]

Hi

Hello everyone
We are landing by the end of next month. Is there any possibility of declaring money that we will take to Canada at a later stage?
We are planning to dispose a property and want to invest it in Canada. But there is a delay in getting the money before we go. please advise
Thanks

No, you have to show unencumbered funds at landing to support yourself for the first 6 months as per the LICO.

PMM

 

[Regina_BC]

Is there any possibility of declaring money that we will take to Canada at a later stage?

Yes, you should do that at the airport during landing procedure at the immigration office. You should tell the officer that you indend to bring/transfer more money soon. He will write the amount down on you form. In this case you will not show that amount in your tax return for the first year in Canada. If you do not tell the officer that , any money you bring into Canada later- are taxable.

 

[hai]

Thanks

Is this tax exemption applicble only for the first year or anytime when we bring in the declared amount?

What if the money varies from the declared amount?

Pls clarify

Thanks
Hai

 

[PMM]

Hi

Thanks

Is this tax exemption applicble only for the first year or anytime when we bring in the declared amount?

What if the money varies from the declared amount?

Pls clarify

Thanks
Hai

There is no taxation on money transferred to Canada.

PMM