Bring money into Canada

[mizanmomo]

Hi,

I have received my PR visa along with my wife and baby boy. Now I am planning to move in Alberta at the end of 2009. When I filled my application forms, I mentioned I will bring CAD 50 000/= . Do I need to bring all the money with me when landing and have to show the Immigration officer? Can I bring CAD 17, 000/= cash and rest of them show my bank statement as a proof of fund? If I bring more money in Canada, do I need to pay tax for that money? What's the best way to bring money in Canada from UK? Any suggestion, thought or experiance, please advise me?

Thanks
mizanmomo

[rascojenkins]

I know you can show your bank statement when landing and tell the immigration officer that you'll tranfer the money as soon as you open a canadian bank account
Good LUck

[haver]

1) You don't have to bring all your money to Canada. It is your money. You can keep it wherever you want.
2) You should show to immigration officer that you have necessary minimum to live one year in Canada (17k is enough)
3) When you become a permanent resident in Canada you have to pay income tax for all income around the world.
50k-17k=33k - rest of your money is not taxable when you transfer it to Canada, but interest or other investment income is taxable.
4) If you have over 1mln you have to consider offshore immigration trust.

[CharlotteJ]

well, that is good to know,

if I understand this properly, we should better take along around 17K perhaps a max. of 20K to Canada at first and leave the rest behind for as long as it takes. Having that 17 or 20K on a Canadian bankaccount or saving account, would that mean it is due to taxes and as you describe it beautifully " taxable" too and do we have to declare or show how much money is left back home and whether or not to pay taxes due over that total amount of money?

I considerd to open both a bank account and a saving account at one of the best banks across Canada, to leave some of my money on the bank account itself and the rest of the money on the saving account and take all of my money out of the country where I now live.

That way I can start building up an interest rate at a Canadian bank and that way help Canadian economy better and avoid huge taxation on my income and resources here back home. After all, Europe is one of heavily priced places on this planet.

[haver]

Money you bring to Canada or leave back home is not taxable.
The earned income is taxable.

[max_lee]

Is the above true even if the income earned is in USA and you reside in Canada(Windsor) as you will be paying taxes in US as well for the income earned there, am asking this question as I am planning to shortly move to canada but continue my work in US(Detroit)

Thanks

Max

[jes_ON]

You will have to file in both countries, and report the US income earned (global income) on your canadian return.  You then deduct the taxes you paid to the US (so you will have to do your US return first) from what you would owe in Canada - if what you would owe in Canada is higher than what you paid in the US, you will have to pay the difference.

You may be able to claim some deductions only in the US and some in Canada, some on either return (but not both).  So it takes a bit of work to figure out the best strategy for overall tax burden. If you can afford it, might be wise to consult a tax professional at least the first year.   

Is the above true even if the income earned is in USA and you reside in Canada(Windsor) as you will be paying taxes in US as well for the income earned there, am asking this question as I am planning to shortly move to canada but continue my work in US(Detroit)

Thanks

Max