Posted on: 07-02-06 16:35:36
Hello
How many stages or isntalments can a new immigrant bring money into Canada...and upto what length of time can this money flow in from the date of initial landing as an immigrant....is tere any time limit? Can one liquidate his property after 10 years of landing and convert the same into $$ and bring into Canada?
Can anyone throw some light on this?
Quote:
Orginally posted by Rohit69
Hello
How many stages or isntalments can a new immigrant bring money into Canada...and upto what length of time can this money flow in from the date of initial landing as an immigrant....is tere any time limit? Can one liquidate his property after 10 years of landing and convert the same into $$ and bring into Canada?
Can anyone throw some light on this?
Can anybody provide any info on this?
Quote:
Orginally posted by Rohit69
Hello
How many stages or isntalments can a new immigrant bring money into Canada...and upto what length of time can this money flow in from the date of initial landing as an immigrant....is tere any time limit? Can one liquidate his property after 10 years of landing and convert the same into $$ and bring into Canada?
Can anyone throw some light on this?
Is this the money, for proof of funds as part of immigration requirement (at the time of landing)? or in general you want to bring all that you have back home?
Is this the money, for proof of funds as part of immigration requirement (at the time of landing)? or in general you want to bring all that you have back home?
In general...after the initial requirement.
Is this the money, for proof of funds as part of immigration requirement (at the time of landing)? or in general you want to bring all that you have back home?
In general...after the initial requirement.
I dont think so. but there are rules for bringing in capital gains from abroad. this is somthing u should discuss with a tax consultant. he will guide you how you can save on paying taxes. after all you are bring money into the economy ,. but landed fundes are to my best knowledge comsidere only for 1 yrs of the landing.
Quote:
Orginally posted by Janmeja
I dont think so. but there are rules for bringing in capital gains from abroad. this is somthing u should discuss with a tax consultant. he will guide you how you can save on paying taxes. after all you are bring money into the economy ,. but landed fundes are to my best knowledge comsidere only for 1 yrs of the landing.
I am now getting really sick of this nonsensical advise that you keep giving - it will mislead many people. Time and again you have done this without any knowledge and I see that you simply jump in to answer any damn question on this board - and end up giving wrong info most of the times.
There is NO restriction in bringing any money any time - you can keep doing it for the rest of your life. Income Tax Act requires you to declare if you have foreign assets over CAD 100k in each of your returns. If you have more than 100 k worth of foreign assets and declared that asset in your first tax return that you file after landing, you can bring in that money without any tax liability. However, if you have NOT declared the foreign assets, you will be allowed to bring in upto 100k without much problem (but you might have to prove that none of it is INCOME earned after landing.
Let me give you a few examples:
1. You declare in your first tax return that you have 200K in foreign assets. You can bring in that money whenever you want without any tax on it - however, you should be able to prove that you are bringing ONLY the principal amount and NO INCOME has been earned meanwhile on these assets. If you do earn any income on those assets, you are supposed to declare that income each year, and then you can bring in both the income and principal.
2. You have less than 100k worth of foreign assets and therefore legally you are not bound to declare it in your return. You will however be liable to declare any income earned on those assets each year and then whenever you want, you can bring in the whole money or in parts. Say you had 90k to start with - and you earned 5,000 in first year, 4,000 in second year and 6,000 in third year. In the first two years you will have to declare the income of 5 k and 4k. In the third year you will have to declare both the income of 6k and also declare in your return that now you have assets of more than 100k (if they have the market value of 100k). You can bring that money whenever you want.
Rohit, you are a finance guy - you should have known this, right?
Chandresh
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Chandresh
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