Hi Everyone!
Hoping some of you will be able to answer some of our questions. Me and my partner are currently working in Singapore and have received our COPR. We plan on making our soft landing in a month or so and then move for good at some point next year. I however have the following queries:
1. Tax treatment - After we complete our landing, we become PRs. How does this effect our tax situation given that we still have not moved to the country and will only do so some time next year. Would our income earned in Singapore be subject to tax in Canada or does it get exempt under the tax treaty? Also, can we bring this money in tax free when we move the Canada for good?
2. Transferring Money - how and when do we bring in money to Canada as a new immigrant? Our understanding is that we are exempt from paying tax on income/ goods when we land as a new immigrant provided the same is declared. Do we need to bring in all money we declare when we land first or when we move eventually?
3. Property Valuation - Any idea if we need to get a proper valuation done of our investment property? We plan on selling it and using the funds in Canada, however that would take about a year or so. In the interim, since we do want to declare this property and bring the funds in tax-free (if possible) to Canada, would a proper valuation be required or our estimate on the current market value is sufficient?
4. Goods to Follow - What all is covered under this list? Is it only things that we own or all assets like statements of stocks, pf, property etc?
Have not found clarity on the above in the previous threads so would really appreciate anyone who has knowledge to share the same with me!
Thanks!
Hoping some of you will be able to answer some of our questions. Me and my partner are currently working in Singapore and have received our COPR. We plan on making our soft landing in a month or so and then move for good at some point next year. I however have the following queries:
1. Tax treatment - After we complete our landing, we become PRs. How does this effect our tax situation given that we still have not moved to the country and will only do so some time next year. Would our income earned in Singapore be subject to tax in Canada or does it get exempt under the tax treaty? Also, can we bring this money in tax free when we move the Canada for good?
2. Transferring Money - how and when do we bring in money to Canada as a new immigrant? Our understanding is that we are exempt from paying tax on income/ goods when we land as a new immigrant provided the same is declared. Do we need to bring in all money we declare when we land first or when we move eventually?
3. Property Valuation - Any idea if we need to get a proper valuation done of our investment property? We plan on selling it and using the funds in Canada, however that would take about a year or so. In the interim, since we do want to declare this property and bring the funds in tax-free (if possible) to Canada, would a proper valuation be required or our estimate on the current market value is sufficient?
4. Goods to Follow - What all is covered under this list? Is it only things that we own or all assets like statements of stocks, pf, property etc?
Have not found clarity on the above in the previous threads so would really appreciate anyone who has knowledge to share the same with me!
Thanks!