Hi,
We plan to land soon and list our Gold jewelleries in the list of Goods to Follow. The currrent value of such Gold Jewelleries may be around 11000 to 12000 CAD.
Is it allowed to list Gold Jewels of this valule in the list of Goods to Follow.
Any special listing need to be prepared such as listing each jewel individually instead of a summed up figure. Photographs etc.,
How about other real estate properties that one owns at the time of landing, if they sell them in future and bring the Money to Canada, Is that taxable, is it advisable to list them any way so that one can sell them in future and bring the money into Canada.
Please share your views and experiences.
Thanks,
Jag.
When you land, you may tell the Customs and Revenue Officer that you are planning to bring in $XYZ to Canada eventually by sale of assets in your native country. They may ask you the time frame of your proposed action. They do make a note of it in your file as well as in your Landing Papers. This may help you filing your tax returns later on . Else, it can be treated as a "World Income", liable to Tax. Its from my experience, but experts may be able to throw more light on it.
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Posted on: 25-10-05 09:15:53
Quote:
Orginally posted by Bhishma
When you land, you may tell the Customs and Revenue Officer that you are planning to bring in $XYZ to Canada eventually by sale of assets in your native country. They may ask you the time frame of your proposed action. They do make a note of it in your file as well as in your Landing Papers. This may help you filing your tax returns later on . Else, it can be treated as a "World Income", liable to Tax. Its from my experience, but experts may be able to throw more light on it.
but it is always a good idea to make up a list of physical things that will follow later on. Note - physical things like jewellery. Proceeds from the sale of assets can be listed as a precaution.
For those in the same quandry but did not list money - I have never seen any tax return that asks about my local or international assets. Also, monies from the sale of assets is not income and does not need to be reported, espcially if it was your own primary recidence, anywhere in the world.
BV
