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Canadian Finance and Taxation
> Topic:
PLEASE SOME EXPERT HELP
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Topic: PLEASE SOME EXPERT HELP (Read 1109 times)
TOCANADA
Newbie
Posts: 5
PLEASE SOME EXPERT HELP
«
on:
November 11, 2008, 04:10:43 am »
Hi to everyone ,
I'm an Italian citizen and I'm thinking to immigrate to Canada . I have some concerns about taxations and so I read a lot in the Internet and I looked for advise here in Italy by some lawyers but I didn't get lucky, so I hope maybe some of you might have the answers to my questions.
I own some forest here in Italy and I have a cospiquous bank account in Italy due to some donations from my family and an inheritance . Looking at the tax regulations in Canada I have the doubt that I'll have to pay the tax of capital gains on the forests if I sell them or in the case I have to leave Canada after being a resident for more then 60 months ,someone told me that it is not so because forests have not this treatement in taxation in but I really don't know.
About the money wich is in part in a bank account and in part in Italian state titles I was wondering if the gain that can arise from fluctuation in the change Euro-Canadian Dollar may be countet also as a capital gain and taxed.
I hope someone can give me some good information .
I thank all of you in advance
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Leon
VIP Member
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Posts: 5891
Re: PLEASE SOME EXPERT HELP
«
Reply #1 on:
November 11, 2008, 04:44:02 am »
I think you need a tax lawyer to help you. I know when I moved, I transferred all my money from my bank in old country to my Canadian account. I paid no tax in Canada. The only tax you pay in Canada is off your interest and the bank takes it automatically away from your interest when they add it to your account.
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PR=Permanent resident - TFW=temporary foreign worker
FSW=federal skilled worker - QSW=Quebec skilled worker
AEO=arranged employment offer - LMO=labour market opinion
CEC=Canadian experience class - PNP=provincial nominee program
TOCANADA
Newbie
Posts: 5
Re: PLEASE SOME EXPERT HELP
«
Reply #2 on:
November 11, 2008, 06:30:31 am »
Thanks a lot for your answer Leon !!
I think my situation is a little different because I have this properties in Italy and the money is also in Italy.
From what I have seen in the Internet it seems to be a lot of capital gain taxes to pay , but it's really confusing .
Is there someone else who can tell me something ???
Someone who knows a good Canadian tax layer ??
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V
Star Member
Posts: 99
Re: PLEASE SOME EXPERT HELP
«
Reply #3 on:
February 01, 2009, 12:41:22 am »
I would try to contact one or more of the tax services companies in Canada, like H&R Block (
http://www.hrblock.ca/
). Ask if you can speak with a CA (Chartered Accountant). They should have an answer for you for a fee.
Good luck
V
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