transferring money from homeland Canada...tax?

[Mosalah82]

Hi,

I landed in 2015 and now as we are in 2018 I want to bring my money from my home country...money earned before becoming a PR of Canada which was also included in my financial report presented in my immigration file.
So my question, as much as I know that this money won’t be taxed what proof should I submit for this? Will this financial report prepared back in 2014 be taken into consideration?

Thanks

 

[steaky]

Hi,

I landed in 2015 and now as we are in 2018 I want to bring my money from my home country...money earned before becoming a PR of Canada which was also included in my financial report presented in my immigration file.
So my question, as much as I know that this money won’t be taxed what proof should I submit for this? Will this financial report prepared back in 2014 be taken into consideration?

Thanks

If you wire transfer from your home country, contact your bank.

 

[Mosalah82]

If you wire transfer from your home country, contact your bank.

Ok then to tax waive it...what should I do?

 

[steaky]

Ok then to tax waive it...what should I do?

Ask your bank if you would be taxed by your home country.

 

[Mosalah82]

Ask your bank if you would be taxed by your home country.

Thanks for your reply...I think I might not be clear with question...this money is already taxed in my home country my worries if I transfer this amount here to Canada if they will tax me for it...my question is how to prove to CRA that this amount was earned before becoming a PR?

 

[steaky]

Thanks for your reply...I think I might not be clear with question...this money is already taxed in my home country my worries if I transfer this amount here to Canada if they will tax me for it...my question is how to prove to CRA that this amount was earned before becoming a PR?

Are you a Canadian resident for tax purposes from 2015 to 2018? If so and the amount is worth more than $10k, then do you report this in your annual tax return since 2016?

 

[Mosalah82]

Yes I am a Canadian resident for tax purpose from 2015 to 2016 (did both years tax returns as zero income without mentioning my homeland savings which are more than $10k) while for 2017 I was a non resident ( still didn’t do my tax return) and for 2018 I shall be a resident.

 

[steaky]

Yes I am a Canadian resident for tax purpose from 2015 to 2016 (did both years tax returns as zero income without mentioning my homeland savings which are more than $10k) while for 2017 I was a non resident ( still didn’t do my tax return) and for 2018 I shall be a resident.

I suggest you amend your return and get a reassessment first before you transfer the money to Canada.