Bringing money into Canada.
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September 17, 2014, 04:34:03 am
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Author Topic: Bringing money into Canada.  (Read 2668 times)
C2008
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« on: May 17, 2009, 01:42:53 am »

Hi,

I have a PR since almost 3 years now, and I'm planning to move to Canada permanently within few months, however, during all the previous 3 years I had a bank account in Canada with around CA$6000, which were earning interest, and I haven't filed any tax sheet since I didn't work in Canada.

Now I'm planning to transfer large amount of money to my account in the Canadian bank before I move permanently, my question is will I be taxed on them?

And with that large amount of money I will buy a house in Canada, what would be the taxing on that?


Thanks in advance.
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haver
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« Reply #1 on: August 19, 2009, 04:21:37 am »

Money you bring to Canada is not taxable itself atleast it is your income for years you been considered as
Canadian resident for taxation.

You should discuss it with a good tax advisor.
For example, The fact you kept 6000 CAD in Canadian Bank could give you a status as Canadian resident for taxation.

When you buy a house in Canada taxation depends on local rules.
For example in BC you pay 1% on the first $200,000 and 2% on the rest of buying property.
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