Soft Landing Questions on Tax and Goods to Follow

[varma85]

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!

 

[next2015]

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!

1. You should have no tax liability in Canada as you're not yet a resident for tax purposes. However, the story changes if you establish residential ties e.g. buy property in Canada etc. Here's a link with some helpful info: https://www.canada.ca/en/revenue-agency/services/tax/international-non-residents/individuals-leaving-entering-canada-non-residents/non-residents-canada.html#rsdncstts

2. It doesn't matter. The bank MAY need you to demonstrate the funds were not acquired illegally, though.

3. If you're still at the application stage, you may need the property valuation as part of your proof funds. If you already have your visa and simply need to land, the valuation will not matter - the IO just wants to see the proof of funds. Perhaps someone that has been through this can clarify?

4. This list should contains any household items you intend to bring to Canada, later, e.g. furniture, electronics etc. Simply indicate the item e.g. 1 Sofa Set and its value. The value should be the price at which you'd sell it in its condition today, not the price you paid for it. For electronics be sure to provide the serial#.

All the best