Hey all,
Family of Canadians are returning to Canada after living in Florida for the last 6 years. They visited Canada from time to time during their 6 year absence but were officially living in the USA for those 6 years. They are planning to return to Canada in August and are now a family of 5.
1) DO they qualify for $10,000 tax exemption on goods brought back in?
2) Does this exemption apply to each family member? Even minors under the age of 18?
3) If they would like to import 2 vehicles, does this count towards their exemption? Example - they would like to bring in 2 vehicles valued at $55,000 CDN total. Would this mean that since they are family of 5, they would only have to pay tax on remaining $5000?
Family of Canadians are returning to Canada after living in Florida for the last 6 years. They visited Canada from time to time during their 6 year absence but were officially living in the USA for those 6 years. They are planning to return to Canada in August and are now a family of 5.
1) DO they qualify for $10,000 tax exemption on goods brought back in?
2) Does this exemption apply to each family member? Even minors under the age of 18?
3) If they would like to import 2 vehicles, does this count towards their exemption? Example - they would like to bring in 2 vehicles valued at $55,000 CDN total. Would this mean that since they are family of 5, they would only have to pay tax on remaining $5000?