Help regarding tax in canada

[Prayas]

Hello All,

Need your help. We plan to land in December 2015. My question is the funds that we take now ( ex. Scotia bank says you can transfer 50k cad maximum) do we need to pay tax on it in Canada. I am planing to sell my property here , what are the other ways of taking this money to Canada and will I have to pay taxes on the proceeds from property sale as well, if say it is sold after we land and I do the transfer later.

Thanks,

 

[Prayas]

Dear Seniors,

Kindly help.

Regards,

 

[ttrajan]

You can bring upto $10000 cash without declaring, above that we need to declare. If you paid tax in your home country, then no need to pay in canada. Bring proof of tax paid in your home country. Bank and CRA may ask source of money later.

 

[ali_aff]

I have question regarding tax return!
I have fixed income account in Pakistan out of few dollars invested there, will that be taxable,
and for purpose of taking advantage of no tax in first year, do i have to divest and bring all money to Canada?

 

[steaky]

I have question regarding tax return!
I have fixed income account in Pakistan out of few dollars invested there, will that be taxable,
and for purpose of taking advantage of no tax in first year, do i have to divest and bring all money to Canada?

Whether or not the income from your fixed income account is taxable, depends on your overall world-wide income for that year. If overall income is under or equal to a certain amount, then it is not taxable. If higher than that certain amount, then it is taxable.

You don't need to bring all money to Canada if you don't want to.