Money Transfer... Is it taxable?

[Romeo007]

Dears,

I became PR last year and I will come back to Canada next month for good.

If I want to transfer my savings (salary savings (my salary and my wife's salary), prices of our cars), then is it taxable when I will transfer them to Canada? Or only my salary in Canada will be subject of tax?

please guide.

Br.

 

[PMM]

Hi

Dears,

I became PR last year and I will come back to Canada next month for good.

If I want to transfer my savings (salary savings (my salary and my wife's salary), prices of our cars), then is it taxable when I will transfer them to Canada? Or only my salary in Canada will be subject of tax?

please guide.

Br.

No transferred money is not taxable. Your salary and interest earned on your savings in Canada are taxable.

 

[Solstice22]

Thanks for this thread. Here is another aspect to this topic.

Would anyone have advice regarding the instruction we received from our Tax advisor, who stated the following:

If my husband (awaiting his PR approval within the next couple of months, and from the USA) is ever to have more than $10,000 in his bank account here in Canada, he will need to fill out a form called the FBAR by June annually.

My question then is: does he transfer all of his funds/assets into this account and just fill out the FBAR, versus, maintain an account in the USA and attempt to continually send any future earnings into that US account to avoid crossing the $10,000 limit?

Anyone with experience on this have comments?
Thank you.

 

[steaky]

If my husband (awaiting his PR approval within the next couple of months, and from the USA) is ever to have more than $10,000 in his bank account here in Canada, he will need to fill out a form called the FBAR by June annually.

Is FBAR only applies if you are an American citizen or holding a valid green card? Or this is essentially a USA thing?

 

[Romeo007]

Hi


No transferred money is not taxable. Your salary and interest earned on your savings in Canada are taxable.

Dear,

Sorry, I was not able to understand 100%.
I will share some details with you. I landed last year as PR and I will arrive next month to Canada for good. I was completing my work in gulf.
I saved from my salary and my wife salary around 100K $. Currently, I only have a PR card and SIN # but I am not registered for the medical card.

My question is: if I will transfer them to my new bank account in Canada, this amount is taxable?

please guide. :-\

 

[PMM]

Hi

Dear,

Sorry, I was not able to understand 100%.
I will share some details with you. I landed last year as PR and I will arrive next month to Canada for good. I was completing my work in gulf.
I saved from my salary and my wife salary around 100K $. Currently, I only have a PR card and SIN # but I am not registered for the medical card.

My question is: if I will transfer them to my new bank account in Canada, this amount is taxable?

please guide. :-\

Again NO.

 

[Khalsgb]

no need

 

[emceemouli]

no need

Hi,

I landed as a PR almost more than 1.5 yrs back and still have some money left in my bank account back in my country. will I be able to transfer that with no tax again...

Also do i need to do that before I get my citizenship here in Canada..Still I am confused how to bring it back..

Thanks
Chandra

 

[steaky]

Hi,

I landed as a PR almost more than 1.5 yrs back and still have some money left in my bank account back in my country. will I be able to transfer that with no tax again...

Also do i need to do that before I get my citizenship here in Canada..Still I am confused how to bring it back..

Thanks
Chandra

No, there is no time limit. You can add this to your site

 

[emceemouli]

No, there is no time limit. You can add this to your site

Thank you very much steaky....

Regards,
Chandra

 

[RockinCanada]

Read this article. It might clear your doubts about taxes.

http://www.cbc.ca/news/business/taxseason/story/2012/04/18/f-taxseason-filing-taxes-living-abroad.html