toby
Champion Member
- Sep 29, 2009
- 105
- Category........
- Visa Office......
- Hong Kong
- Job Offer........
- Pre-Assessed..
- App. Filed.......
- November 2009
- Med's Done....
- October 2009 and 15 April 2011
- Interview........
- 4 April 2011
- Passport Req..
- 4 April 2011
- VISA ISSUED...
- 7 July 2011
- LANDED..........
- 15 July 2011
No, that's your capital. No tax on it, but there will be tax on any investment income earned from that $100,000 once you reside in Canada and become a taxpayer again..Fencesitter said:I forgot to mention I'll have in the neighborhood of USD 100,000 to take back with me. Will the government try to take some of it in taxes? I also have gold and some diamonds...not sure what they will do about that stuff. Obviously I will transfer the majority of the cash...but I'm worried I'll be taxed...even though that money was earned outside of Canada while I was a non-resident for tax purposes. We get killed in taxes back home...so I really hope the government will let me bring it in without having to give them a cut.
Just declare its value plus the value of any other assets you are bringing into Canada at the time you reside in Canada again.
For other assets offshore, establish their value at the time you reside in Canada. That becomes the Cost Base, and when you sell an asset, only profits above its cost base are taxable.