Money brought while entering Canada first time - Taxable ?

[grouvvy]

Please advise if the amount we bring to Canada when we land in Canada after attaining PR status is taxable or not when deposited in Canadian banks ?

 

[steaky]

no but declare if amount over $10,000

 

[Ja_Sy]

Is that taxable? if its more than 10k cad?

 

[PMM]

Hi

Is that taxable? if its more than 10k cad?

No, money in any amount is not taxable. But amounts over $10K have to reported on entry and exit.

 

[mic8400]

Good to know!

 

[Canadian_Sponsor]

I have a question on a similar topic, can please anyone who knows the answer help here?

My parents landed as PR in December 2012. They are under my Sponsorship. During this (2013) year they are planning to sell their apartment in their previous Country of Residence, and to transfer money to their account in Canada. Will these money be a subject for tax? The amount will be around 40K.

 

[PMM]

Hi

I have a question on a similar topic, can please anyone who knows the answer help here?

My parents landed as PR in December 2012. They are under my Sponsorship. During this (2013) year they are planning to sell their apartment in their previous Country of Residence, and to transfer money to their account in Canada. Will these money be a subject for tax? The amount will be around 40K.

Only the difference between the value of the apartment on the date they landed, and the date it was sold would the difference be subject to capital gains tax.

 

[Canadian_Sponsor]

Hi


Only the difference between the value of the apartment on the date they landed, and the date it was sold would the difference be subject to capital gains tax.

It makes sense, PMM, thank you for your response!

I guess the local "apartment assessment" paper issued at ex-Country of Residence of my Parents shall be sufficient for Canada Revenue ?

 

[PMM]

Hi

It makes sense, PMM, thank you for your response!

I guess the local "apartment assessment" paper issued at ex-Country of Residence of my Parents shall be sufficient for Canada Revenue ?

Yes, if they don't own a home in Canada, there will probably be no tax as they are selling their principle resident, but check with CRA.

 

[AnaMaria]

Is this also true if they do not declare the apartment in Form B4?

 

[missmini]

this is interesting topic and i want to elaborate more
we will go to Canada sometime in the summer: me as a returning Canadian, spouse as a new resident; once he lands he will return back where we r to close everything here and me i will start the re-setteling process
we already start to do online wire transfers from our bank account here to my bank account there; it's not much but do we need to declare these transfers in any form? now and after he lands? we will probably transfer also after he lands, would that b seen different from taxes point of view?
also, let's say if he does not close the account here where we reside and there is still some amount left (5000k for example) for really really bad days or to help family - will we have to declare that amount somewhere anywhere in the future? or is it better to have them all in the same Canadian account?
thank u so much to take the time to explain to a newbie if there r any further direct reading thank u for sharing it

 

[mic8400]

good subject. glad this clarified a few things!

 

[MATAR3]

dear ..
according to CIC website, money that prought with you for the first time as an imgrant is not taxable! you should bring the funds that you already proven that you are holding.for example: if you provide a POF of 21k CA in the processing you should pring with you the same amount or at least the minimum required. and it's taxable for one time.


i will provide you with a link shortly

 

[mic8400]

Would love to see the look on immigrations face if the winner of the recent $600 million powerball jackpot declared winnings if they were immigrating to Canada lol. "Sir, I believe you put about 5 or 6 too many zeros..." "Nope, that number is correct..."