Settlement Funds Vs Taxations

[ohmygoditsdhaval]

Dear Senior members,



I have a query related to the Funds. I am the PA and my dependents are my spouse and my 2 year old kid. As per CIC-guidelines I am required to carry 18K+ CAD say 20K (for sake of simplifying) as settlement-funds on my first landing. I know that I can carry them in the form of Cash/Traveller’s cheque/Bank-draft. I am also aware that any-funds brought along with yourself at the time of 1st landing qualifies as Settlement-funds and you don’t have to pay any Taxes to the Canadian Government on these funds. Till here everything is clear.



Let us assume a scenario: I carry 30K CAD as settlement funds with me. My first landing happens, I declare the funds, they check my Cash/TC/Draft and I am allowed in the country. I become a PR of Canada.



Now, Apart from these funds, I still have money back in my Native-country, which is invested in the form of Mutual-funds and Bank-Fixed-Deposits. This money may be to the tune of 150K CAD, which I finally intend to bring to Canada and utilize it to purchase a house, etc. Now, the questions:

1. Is there any time limit within which I should bring in the my balance – 150K CAD into Canada to avoid paying any Taxes on it? I am interested in knowing this, since many of my Fixed-deposits are locked for a period of 4-5 years, and I would have to pay a penalty/due if I withdraw them pre-matured. I am looking to maximize my gains.

2. Is there a way where in I can declare my balance –150K CAD, at the time of landing, or may be later (similar to Goods to follow) where in I can prove that these funds belong to me and are currently invested in a Locked instrument, and I shall bring them in Canada after a couple of years? Would I be taxed on that?

3. What is the maximum duration within which you are expected to get your balance-funds in Canada to avoid any Tax-circles?

4. Any suggestions/advices from your first hand experiences on how to handle your funds which you want to bring in Canada….but not all at a time.



I know these are way too many questions….but I am extremely nervous, since I don’t want to end-up paying Taxes on my hard earned-money that I have saved all my life.

Please help me.



Thanks in advance,



Cheers,



Dhaval

 

[obib]

I don't know of Tax being imposed on the money you are bringing in when properly declared . I once bought property here and Tax were not imposed on the fund I brought in. I know that you may only be subjected to applicable Tax when you buy a Property

 

[Lucky-2018]

Dear Senior members,

Similar situation anyone can help?

I have a query related to the Funds. I am the PA and my dependents are my spouse and my 2 year old kid. As per CIC-guidelines I am required to carry 18K+ CAD say 20K (for sake of simplifying) as settlement-funds on my first landing. I know that I can carry them in the form of Cash/Traveller’s cheque/Bank-draft. I am also aware that any-funds brought along with yourself at the time of 1st landing qualifies as Settlement-funds and you don’t have to pay any Taxes to the Canadian Government on these funds. Till here everything is clear.



Let us assume a scenario: I carry 30K CAD as settlement funds with me. My first landing happens, I declare the funds, they check my Cash/TC/Draft and I am allowed in the country. I become a PR of Canada.



Now, Apart from these funds, I still have money back in my Native-country, which is invested in the form of Mutual-funds and Bank-Fixed-Deposits. This money may be to the tune of 150K CAD, which I finally intend to bring to Canada and utilize it to purchase a house, etc. Now, the questions:

1. Is there any time limit within which I should bring in the my balance – 150K CAD into Canada to avoid paying any Taxes on it? I am interested in knowing this, since many of my Fixed-deposits are locked for a period of 4-5 years, and I would have to pay a penalty/due if I withdraw them pre-matured. I am looking to maximize my gains.

2. Is there a way where in I can declare my balance –150K CAD, at the time of landing, or may be later (similar to Goods to follow) where in I can prove that these funds belong to me and are currently invested in a Locked instrument, and I shall bring them in Canada after a couple of years? Would I be taxed on that?

3. What is the maximum duration within which you are expected to get your balance-funds in Canada to avoid any Tax-circles?

4. Any suggestions/advices from your first hand experiences on how to handle your funds which you want to bring in Canada….but not all at a time.



I know these are way too many questions….but I am extremely nervous, since I don’t want to end-up paying Taxes on my hard earned-money that I have saved all my life.

Please help me.



Thanks in advance,



Cheers,



Dhaval

 

[canuck78]

You don't have to pay taxes on the cash but you do have to pay cash on the money you made investing your cash. You should probably look into hiring an accountant who deals with citizens who have PR/citizenships in the 2 countries.