Tax for New Comers in Canada

[Zaibi]

Dear All (Especially those who are already there in Canada)

Do we have to pay tax on the total fortune that we have made in our countries when we shift the funds in Canada?

More clearly saying,

When we shift to Canada, we take all our money on which we have already paid taxes in our countries, do we have to pay tax there in Canada as well on all these savings?
I read something on Canada Revenue Agency's website but the language is too technical so could not understand very well. All those people who have already landed there. did you pay any taxes on your savings?
This question is about the tax on the money other than the minimum amount that one has to take i.e. $11,000

Hope to see some helpful answers
Best Regards

 

[fromdubai]

1. Prior PR - no tax on earnings earned before.Just declare after landing.
2. After PR - tax on income earned while inside Canada
3. After Citizenship - worldwide income tax applicable

This is my understanding. Others please add your valuable inputs

 

[steaky]

My understanding is:

1) Prior PR - no tax on earnings earned before. No need to declare after landing. (except from CA sources, which need to file non-resident tax returns)
2) After PR/Citizenship but without significant residential ties - same as above
3) After PR/Citizenship but with significant residential ties - tax on income earned inside Canada & World-wide 8)

You can avoid being double tax if Canada has signed a tax treaty with the other country, see this link for details:


http://www.canadavisa.com/canada-immigration-discussion-board/-t60954.0.html;msg565719#msg565719

 

[fromdubai]