Returning Citizen bring goods and funds to follow

[vinsss]

Hello everyone. I am a Canadian Citizen (declared as non resident) which returned to Hong Kong for work since 2007. I am returning to Canada with my wife (PR is in process and she is travelling as visitor) next month with my job Offer. I have a few questions and see if anyone can answer it for me.

1) i am not shipping anything by cargo for now but will just bring it with me when i fly from HK to Canada. Do i need to fill the B4 and B4A forms. As i might have things to ship by cargo when i return back to hong kong to wrap up my stuff again in Feb 2016.

2) I still have a property in Hong Kong and when i sell the property and bring the money to canada. Will the government charge me tax? which forms do i need to fill for "FUNDS to FOLLOW" and ensure the funds are not taxable? Is there a time limit when i need to bring the "funds to follow"? as i am not sure when my property can sell.

Do appreciate your help, many thanks.

 

[Ian C.]

Hello everyone. I am a Canadian Citizen (declared as non resident) which returned to Hong Kong for work since 2007. I am returning to Canada with my wife (PR is in process and she is travelling as visitor) next month with my job Offer. I have a few questions and see if anyone can answer it for me.

1) i am not shipping anything by cargo for now but will just bring it with me when i fly from HK to Canada. Do i need to fill the B4 and B4A forms. As i might have things to ship by cargo when i return back to hong kong to wrap up my stuff again in Feb 2016.

2) I still have a property in Hong Kong and when i sell the property and bring the money to canada. Will the government charge me tax? which forms do i need to fill for "FUNDS to FOLLOW" and ensure the funds are not taxable? Is there a time limit when i need to bring the "funds to follow"? as i am not sure when my property can sell.

Do appreciate your help, many thanks.

Hi Viness,
I have the same situation with you.

Question 1 :
All you have to do is filling up B4 and B4A in advance before fly to Canada( Goods to follow ) - 2 copies, and then when you arrive to Canada airport, you need to present these 2 Copies ( 2 copies of B4 and 2 copies of B4A
to CBSA section ( Canada Border Services Agency ) to declare as resident that you will be good in Canada. and then CBSA officer will assign the registration number of B4/B4A copies and give it to you for future tax-free (B4A). after goods import to Canada, then you must present this to CBSA for tax-free. Bear in mind that you list all goods for follow in detail. ( tax free if you are leaving Canada more than 1 year as non-resident ) - see CBSA link for more tax-free detail. BTW, for expensive items like watch / jewelry / gold rings/ diamond , please take pictures with the B4 forms if needed

Question 2 :
same situation as me too. <<no fund to follow >> If selling your flat before your wife's landing to Canada. no tax for this. ( once you transfer this money back to Canada (e.g Primer global legal account of HK bank), sometimes, CBSA / Canada Bank may ask you for this huge funding transfer come from ,show the flat selling document will be OK ). if you sell flat after your wife's landing date, then make sure the date of your wife of arriving Canada. find the official surveyor firm to evaluating of your flat on that date for record . once you got this . You can sell your house anytime or sell after 2 year or 5 year. it does not matter when you sell. but if you gain due to this property sell, comparing with the evaluated amount, then you need to fill-up the gain amount in that year for Canada tax purpose.

should you have any questions, please let me know. By the way, when your wife got the COPR ? we are still waiting for HKVO response. wait...wait..wait

Ian

 

[vinsss]

Hi Ian.



Thanks very much for your detailed explanation for question 1. for question 2: when i come to canada, do i tell the custom that i still have a property in hong kong and will bring money here after i sold it? How did you transfer the money from hk to canada? i don't quiet understand what you mean by "primier global legal account of hk" do i notify CBSA /Canada Bank first that i have money to follow?

i only submitted my application last week and they did not even acknowledge it. I guess the whole process will take a year or so (outland).

Many Thanks

Hi Viness,
I have the same situation with you.

Question 1 :
All you have to do is filling up B4 and B4A in advance before fly to Canada( Goods to follow ) - 2 copies, and then when you arrive to Canada airport, you need to present these 2 Copies ( 2 copies of B4 and 2 copies of B4A
to CBSA section ( Canada Border Services Agency ) to declare as resident that you will be good in Canada. and then CBSA officer will assign the registration number of B4/B4A copies and give it to you for future tax-free (B4A). after goods import to Canada, then you must present this to CBSA for tax-free. Bear in mind that you list all goods for follow in detail. ( tax free if you are leaving Canada more than 1 year as non-resident ) - see CBSA link for more tax-free detail. BTW, for expensive items like watch / jewelry / gold rings/ diamond , please take pictures with the B4 forms if needed

Question 2 :
same situation as me too. <<no fund to follow >> If selling your flat before your wife's landing to Canada. no tax for this. ( once you transfer this money back to Canada (e.g Primer global legal account of HK bank), sometimes, CBSA / Canada Bank may ask you for this huge funding transfer come from ,show the flat selling document will be OK ). if you sell flat after your wife's landing date, then make sure the date of your wife of arriving Canada. find the official surveyor firm to evaluating of your flat on that date for record . once you got this . You can sell your house anytime or sell after 2 year or 5 year. it does not matter when you sell. but if you gain due to this property sell, comparing with the evaluated amount, then you need to fill-up the gain amount in that year for Canada tax purpose.

should you have any questions, please let me know. By the way, when your wife got the COPR ? we are still waiting for HKVO response. wait...wait..wait

Ian

 

[Ian C.]

Hi Ian.



Thanks very much for your detailed explanation for question 1. for question 2: when i come to canada, do i tell the custom that i still have a property in hong kong and will bring money here after i sold it? How did you transfer the money from hk to canada? i don't quiet understand what you mean by "primier global legal account of hk" do i notify CBSA /Canada Bank first that i have money to follow?

<IAN> no need to tell them about your property/fixed deposit and etc.. Declare as resident when you are arriving Canada airport. once you declare the resident, from that date, you are responsible to fill-up the tax form for any income tax afterward in the coming taxation year. For HK bank Global account, it is convenient to transfer your money between HK account and Canada account. For more detail, please visit to HK bank to apply.
if you don't want to apply this account, then after selling your flat, you can transfer your money thru money order, bank draft , TT can do. there is no money to follow to notify CBSA except cash you bring yourself while you fly to airport.

i only submitted my application last week and they did not even acknowledge it. I guess the whole process will take a year or so (outland).

<IAN> For outland application, need 55 days ( Sponsorship ) + 10 Months ( applicant ). so wait for around 2 months duration for sponsorship - but seasonal will be vary, then you can notify via to your email and ECAS app.
afterward, need to wait 10 months for your spouse. yes, around 1 year. sometime depending where you go ?



Many Thanks

 

[vinsss]

Many Thanks Ian, Fully understood.