As promised I am back with the topic concerning ‘Brining the left over money or land after the 1st landing’.
Came to know from different internet articles and today I had a word with one of the forum member who is from Qorax family not parental but from the same thread member.
We do not necessarily required to declare any money in B4A (Goods to follow List) it is meant only for personal effects like furniture etc…
Form the date of 1st landing you will have the below privileges for the first 3 years or until you become Citizen.
• No need to declare anything for the left over money and any sort of land or apartment on your name in your home country.
• Whenever you wish in near future after the 1st landing you can sell of your property in your home country and transfer the money to your Canadian bank account.
• Same goes with the cash or debentures or any form of money left over in your home country, just transfer it to your Canadian bank account, and there will not be any tax imposed on this remitted money into your account.
• Tax will only be imposed on the income earned within Canada or if employed oversees (Global Income) after you become PR.
• At the time while filling the IT return for the current year you can declare the amount remitted from your home country so that it will not taxed by the Government.
• After you become PR, if you go back to your home country and work there and then remit money to your Canadian account or while return you bring with you this amount will be taxed under (Global Income).
• Or if you are already paying tax in your home country on your Global Income after you become PR and if Canada have tax treaty with your home country, in this case tax will be waved off.
FYI, I am trying to get in touch with one of the Canadian authorities to have the above said officially accepted. Will let you know with the outcome.
Came to know from different internet articles and today I had a word with one of the forum member who is from Qorax family not parental but from the same thread member.
We do not necessarily required to declare any money in B4A (Goods to follow List) it is meant only for personal effects like furniture etc…
Form the date of 1st landing you will have the below privileges for the first 3 years or until you become Citizen.
• No need to declare anything for the left over money and any sort of land or apartment on your name in your home country.
• Whenever you wish in near future after the 1st landing you can sell of your property in your home country and transfer the money to your Canadian bank account.
• Same goes with the cash or debentures or any form of money left over in your home country, just transfer it to your Canadian bank account, and there will not be any tax imposed on this remitted money into your account.
• Tax will only be imposed on the income earned within Canada or if employed oversees (Global Income) after you become PR.
• At the time while filling the IT return for the current year you can declare the amount remitted from your home country so that it will not taxed by the Government.
• After you become PR, if you go back to your home country and work there and then remit money to your Canadian account or while return you bring with you this amount will be taxed under (Global Income).
• Or if you are already paying tax in your home country on your Global Income after you become PR and if Canada have tax treaty with your home country, in this case tax will be waved off.
FYI, I am trying to get in touch with one of the Canadian authorities to have the above said officially accepted. Will let you know with the outcome.
.........Congrates Abu Hassan for PPR2 Dear.............
