Hi,
Can anyone suggest whether I can bring funds from India, say about 100,000CAD. I am a landed immigrant in April 2003 and at the time of first landing, I brought only 13000CAD. Now I have got something from the sale of my property. Can I bring that money and use it for buying a house in Canada. What r the formalities? I did not mention my properties in the iimigration application. Plz advise me.

Thanks and regards to all

Since you came only in 2003, you still have to file your first tax return I suppose. Therefore, you can easily bring in whatever money you want to bring without any tax effect. Just remember to add that amount in your return as funds lying overseas.

Once you have declared that amount, theoratically, you can bring only upto that amount into Canada in future - but every year you have to declare in your tax return an estimated number. If the amount you bring in exceeds what you have declared in your IT return, you will be subject to tax on that extra amount as income for that year.

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Chandresh

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As per Canadian Income Tax Act, every resident in Canada has to pay tax on world wide Income. For that purpose, on the time of filing tax returns, taxpayer has to provide information about the assets and property carrying value more than 100000 in their tax return. The purpose of this is that the income generated or to be generated in future from such property and assets are to be included in return of income on yearly basis regularly.
Once such assets or property have been encashed and proceeds have been brought to Canada, you do not have to report the same on your tax return. However the gains/losses on disposal or sale of such property is to be reported on the tax return in the year of such sale or disposal.

As you landed in 2003, you are still to file your tax return. You should submit in your tax return that you have property and assets more than 100000 outside canada. You have to provide details of such property also with tax return. But do not submit any documentary proof.

You have all the rights to bring the money here if you need. Under the law you may continue to hold the money outside canada provided you continue to include income from such assets in your tax return correctly.

In your case you may be having some interest income or rental income before sale of property, which has to be property reported on tax return.

Please do not forget to minimize your tax by availing tax benefits and rebates.
In case you need any further help, please do write to me at sanjivkumaargupta@rogers.com

Hi,

After I land in Canada, do I have to file my tax return every year even if I stay out of Canada for the first three years.

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Orginally posted by kuwaituser

Hi,

After I land in Canada, do I have to file my tax return every year even if I stay out of Canada for the first three years.

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