Dear Sir,Having read previous postings and replays regarding transfer of funds into Canada after immigrating, I still wish to ask for your kind assistance in clarifying the following matter:
You mentioned that any income (e.g. interest) earned on amount left in the immigrant’s foreign bank account will be subject to Canadian tax beginning the time he turned into a resident.
I was "warned" though that there were cases in which Revenue Canada considered the full sum of transferred money to be part of a newcommer's total personal taxable revenue and the WHOLE transferred sum (not only income earned on it) was eventually subject to up to 40% tax.
Should this be true are there any special measures that a prospective immigrant can take in order to electronically transfer up to $40,000 to nis new Canadian bank account within 1-1.5 years after immigrating, without taking the risk that Canadian authorities wrongfully classify the ENTIRE sum as "income" ?
I thank you in advance for your reply
Robert
Printer-friendly copy
Email this topic to a friend
