Posted on: 28-02-11 18:04:29
Quote:
Originally posted by sudesingh
No, you do not have to declare any savings.
Partially right - however, if one has foreign assets of more than C$100,000, one HAS to declare everything, and also the income earned on those assets.
If not declared, then if and when the proceeds of those assets is brought into Canada, it will be taxed as income for the year.
Even if not brought into Canada, legally one would have 'concealed' what one is required to declare.
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Chandresh
Advice is free – lessons I charge for!!
