Tax on money brought into Canada

foreverwaiting

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Tax on money brought into Canada

« on: February 13, 2009, 03:05:31 am »

Someone has told me that the funds you bring in initially as a landing permanent resident are tax free but any further money you bring in subsequently is taxed. Is this true? If so, what is the tax rate?


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rupeshhari

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Re: Tax on money brought into Canada

« Reply #1 on: February 13, 2009, 03:41:37 am »

Foreverwaiting,

when you land, do you need to take a cheque to deposit in Canada or is a bank statement okay?

if bank statement is okay, is that part of the money that you land with?


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foreverwaiting

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Re: Tax on money brought into Canada

« Reply #2 on: February 13, 2009, 03:46:40 am »

No, when I land I will have some drafts, TCs and a bit of cash which will easily cover POF. If later on I want to bring in more money after selling some assets in my home country, will that be taxed in Canada?


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Canary

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Re: Tax on money brought into Canada

« Reply #3 on: October 04, 2009, 11:24:13 am »

Please can someone answer this query because I am in the same situation. My family might not sell our property for at least one to two years so will this money be taxed? In fact do you have to inform the canadian government of all your assets before moving there? as long as you are not earning money from them, I assume not.


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