Landing Soon but what happens after that....

[BMWXC60]

Hello,

I have been going through this forum from quite some time now.I am in the Middle East (Kuwait) and me and my wife will be doing our landing soon in Toronto.

My question was once we come back to Kuwait and want to send money to our account in Canada, will that money be taxed?Is there a limit to an amount to which you wont be taxed?

Any help guys???

Cheers

BMW

 

[CharlotteJ]

First English lesson (with no offence)

In the Middle-East people are used to say " me and my husband/wife/friend/kid etc" , while in the West it has to be said/written as " My wife/husband/friend/etc and I "

Good luck and welcome to Canada and wish your wife and you, all the best of luck.

 

[BMWXC60]

Ok!!! thanks for the education part of it , can you now answer the question?

 

[GK]

You should really consult with a tax specialist or tax lawyer to get the best advice.

Here is what I believe though - if you are to transfer a small amount from a personal account (less than $100,000) and it's not consider income it should not be taxed. If you were to transfer larger amount of funds then I am sure that you will have to report (or the bank will report) to the tax agency. Not saying you would have to pay taxes on it though unless it's income. If you were to sell property or a business and transfer the profit to Canada, it may be considered income and would be taxed. But again, I really don't know and you should consult an expert if you are to transfer larger amount of funds.

 

[CharlotteJ]

I am not sure that either though regarding larger amounts of money transfer to Canada as PR and if it will be taxed, but you can easily find information on websites of larger Canadian banks such as RBC or BMO. I myself did find very useful information on taxation and fianance regulations across Canada on RBC, Royal Bank of Canada (www.rbc.com) that also offers a very reliable package of finances for new immigrants.
But somehow or another, the tax you might pay over any amount of money, will be far far far far less than that here in EU.