Posted on: 17-02-05 02:48:19
I wanted to know about the money you can bring in after getting PR status. I have some investments in property and business and can/will bring at a later date if everything works out fine in Canada. The initial funds are fine and I know anything over 10000$ has to be declared. Do I have to declare the amount of investment in India at the time of landing?
Dear Moderator, I am posting this again as I have not been able to find out a answer to my query? Nor could I find it in the cbsa site.
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There is no time limit to bringing in funds after landing in Canada. Only thing is that you should have regularly declared your income from those properties/investments overseas in each of your tax returns. Also, if the value of those assets in one name exceed 100kCAD, you have to fill in an extra form to declare in a very general way (approx amount in various brackets - like above 100 but below 300k etc), and the type of asset, plus the geographical area they are lying in.
No govt is against bringing in money - only thing is that they require you to declare it regularly and pay taxes on income derived from those monies/assets.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
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Orginally posted by chandresh
Thanks for your reply.
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I have gone thru the above post and have a couple of questions.
I landed in 2012 Aug. We are thinking of moving most probably by 2014 Aug fro good from ME. At the time of lading we had shown X amount in our paper work including the insurance and investments. When we landing we opened accounts and got credit cards as well. we are also using them online. we also purchased a home in Aug 2012 in brampton whcih will be ready by 2014 May.
So my question is do we have to file a tax return once we got to Canada in 2014. we have some investments in Dubai and we are planning to keep it in dubai itself as it forex investment. How do we show that in our Income tax filing. Also wanted to check how much is the tax on the gains we have to pay to the Govt.
Pls help.
Quote:
Originally posted by Priti12
I have gone thru the above post and have a couple of questions.
I landed in 2012 Aug. We are thinking of moving most probably by 2014 Aug for good from ME. At the time of lading we had shown X amount in our paper work including the insurance and investments. When we landing we opened accounts and got credit cards as well. we are also using them online. we also purchased a home in Aug 2012 in brampton whcih will be ready by 2014 May.
So my question is do we have to file a tax return once we got to Canada in 2014. we have some investments in Dubai and we are planning to keep it in dubai itself as it forex investment. How do we show that in our Income tax filing. Also wanted to check how much is the tax on the gains we have to pay to the Govt.
Pls help.
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The day of reckoning is the day you landed, in AUGUST of 2012.
Everyone has a plan of their own and an agenda to complete. You did yours. The implications are hardly understood, because the Canadian Government does not want you to know and you did not ask them at the P.O.E. because you were thrilled to be a part of Canada from that day onwards. Also you did not want to stay here from that date PERMANENTLY. You have accomplished quite a lot since landing and I admire your efforts. And you left after completion of your requirements.
Now to the consequences. : The local year completes for you on the 31st of December 2012. So, from the date of landing any income you made since that day is taxable in Canada, but it is prorated, for the first year. You pay taxes to Canada from that day on, on the WORLD Income.
There are no Estate Duties and Death Duties here in Canada. Leave that topic aside for now. All your properties, fixed and movable are valued approximately around the date of arrival here in Canada and they are yours to keep and enjoy. BUT any income it generates from that day becomes taxable here in Canada. So also any Capital Gains. But you have a small protection afforded to you with the DTAA. That is only applicable if you have paid taxes on that elsewhere, which I am afraid that you did not.
It is not against the law to have a Bank Account or the investments in any other part of the world, while you are living here in Canada. Just carry on smartly and report them and pay the taxes as you normally would.
Now to the HOW MUCH part..: Say you both are making a sum of $100000 per annum globally, you paid no taxes while you lived in the ME. Here in Canada you will be taxed on it. The trables are attached hereunder. http://www.cra-arc.gc.ca/tx/ndvdls/fq/txrts-eng.html
For us there are two components. One is Federal and the second is Provincial, the province that we live in, for me it is ONTARIO. Generally, both of it added to gether will amount to about 47% or less of the total income after they provide you will all of the deductions. You can find that also on the website provided.
For Capital Gains, they will let you enjoy the first FIFTY Perrcent for your efforts. The other 50% gets taxed at 47% as in the above example. These are the Maximum figures, those who earn less of course will pay less.
As regards the taxes, there is a guy here on this board who normally signs off with PEACE at the end of his posting, and also he gives all of us a lashing to go with his postings. He will say paying taxes to Canada is not a sin, it is a birth right. Canada needs your money. Some times we pay for the lack of attention. So, Chalk it to experience.
Don't forget, you may be married to your spouse, but there is one more partner here in Canada who demands, but in the form of CASH. They failed to tell you about him. That guy is calles CRA.
That is par for the course.
FH.
thanks. but started panicking now since there's lots i have to do when i am back to my dreamland - CANADA. god save me......
You both have reported about the amount you both earn as emoluments there in the ME. But it stops as soon as you stop working.
Request your employer to provide you with a letter of experience suitable with the date of landing the first time into Canada.
After you landed here, you have no more emoluments to report from that end.
Now you are in the clear.
As regards your investments, you can take it into consideration at a later date. But if it is a FIXED asset, then, obtain a valuation report that will show a little higher value on the date of landing. The assessors can do that for you, for a fee. It enters into picture only after the sale of that item, you know that....
You are also copesetic with the FIXED Property end too. No capital gains there.
You came to the right web site for your answers.
Let conscience be your guide.
FH.
