Offshore trust for 5-year tax holiday

[prash42]

I am a prospective immigrant to Canada under the FSW program. I anticipate arriving in Canada next year, and was considering an offshore trust for my existing assets, to benefit from the 5-year tax holiday that Canada has historically offered to new immigrants. However, I recently came across information that Canada no longer permits such immigration trusts. http://www.pwc.com/ca/en/tax-insights/federal-budget-2014-the-demise-of-immigration-trusts.jhtml

Is this change merely a proposal, or is it law? If the change has been made for good, it is a very disappointing development. Is anybody aware of other tax planning methods, to minimize taxes on assets/investments accumulated prior to immigration?

Many thanks in advance for your inputs.

 

[prash42]

Anybody?

 

[nekeol]

I am a prospective immigrant to Canada under the FSW program. I anticipate arriving in Canada next year, and was considering an offshore trust for my existing assets, to benefit from the 5-year tax holiday that Canada has historically offered to new immigrants. However, I recently came across information that Canada no longer permits such immigration trusts. http://www.pwc.com/ca/en/tax-insights/federal-budget-2014-the-demise-of-immigration-trusts.jhtml

Is this change merely a proposal, or is it law? If the change has been made for good, it is a very disappointing development. Is anybody aware of other tax planning methods, to minimize taxes on assets/investments accumulated prior to immigration?

Many thanks in advance for your inputs.

there is no any tax if u bring any amount from outside canda within 3 years of fist time landing as immigrant of any skill/type.

Budget 2014 eliminated immigration trusts, effective immediately. This means Canadian newcomers will no longer get a 60-month tax exemption for foreign assets. The immigrant’s foreign-sourced assets would’ve otherwise been subject to Canadian taxes, so the program enticed non-residents to come here

 

[ju_mark]

there is no any tax if u bring any amount from outside canda within 3 years of fist time landing as immigrant of any skill/type.

Does the 3 years start with the date of landing or with the date you arrived in Canada. I am in Canada for 4 years (work permits) but did my landing only in September 2014.

Thanks a lot for clarifying

 

[nekeol]

Does the 3 years start with the date of landing or with the date you arrived in Canada. I am in Canada for 4 years (work permits) but did my landing only in September 2014.

Thanks a lot for clarifying

i hope u r already submitting ur tax return file

from the date of landing as immigrant not not if u r living at any other type of legal visa.

 

[nekeol]

Does the 3 years start with the date of landing or with the date you arrived in Canada. I am in Canada for 4 years (work permits) but did my landing only in September 2014.

Thanks a lot for clarifying

this is coming under Canda Border Agency

http://www.cbsa-asfc.gc.ca/travel-voyage/pdt-pdt-eng.html#_s2