Landing and declaration of assets - Experts please help.

[OrangeCounty]

When do we declare all assets (stocks, bonds mutual funds, deposits etc.) ? I understand that at the time of landing we need to declare only those assets, in excess of CAD10K, that we are carrying in bearer form (cash, cashiers check and stock certificates or other bearer instruments). Ofcourse, we need to show "proof of funds" depending on the family size.

My concern is regarding the taxation of assets accumulated, outside Canada, when it is transferred into Canada at some later point?

Please do share your expert opinions. This might have been discussed, but there was no conclusive answer.

Cheers!
OrangeCounty

 

[OrangeCounty]

Could some expert, please provide some input?

 

[PMM]

Hi

When do we declare all assets (stocks, bonds mutual funds, deposits etc.) ? I understand that at the time of landing we need to declare only those assets, in excess of CAD10K, that we are carrying in bearer form (cash, cashiers check and stock certificates or other bearer instruments). Ofcourse, we need to show "proof of funds" depending on the family size.

My concern is regarding the taxation of assets accumulated, outside Canada, when it is transferred into Canada at some later point?

Please do share your expert opinions. This might have been discussed, but there was no conclusive answer.

Cheers!
OrangeCounty

There is no reporting requirement except that you have to report foreign property owned worth over $100K on your yearly income tax. Any gains after the date of "landing" such as interest, capital gains of overseas investments must be reported on your income tax. If you paid tax overseas on this income, you would receive a tax credit IF the country has a tax accord with Canada.

PMM

 

[OrangeCounty]

That is a relief! Thank you very much, PMM