Funds Transfer Experience

[aempath]

Dear All,

I would like to learn from the experience of some of the senior members on here. If I land in Canada and post landing open a bank account there, then return to my country to transfer my savings to that account (around 1 month after landing), will that money be taxable?

I tried to look into the option of demand drafts but they are not really offered here in CAD. I would lose a lot on the change if I use travelers cheques. I will be carrying my Proof of Funds with me as cash and will declare it at the airport but my question is for my remaining savings. If i show my bank statement from my home country, can I then declare the savings too to be tax free?

Thanks.

 

[NetMecca]

You are only required to pay tax on money earned, not money you already have. Does not matter when you transfer it. So if you have earned the money while living in canada or have status in canada and are declaring "income" you are required to declare foreign "income". If you already have the money, it is an asset not an income. If you are still concerned I would suggest you have a chat with an accountant. If it is a lot you may get some inquiries from canada revenue services. As long as you can establish that it was money earned prior your residence status in canada you should not have an issue. I had no issues with this personally.