Help regarding bringing money to Canada (First Landing)

[anky2015]

Hi Everyone,
Hope all the forum members are doing well.

Just need your help and suggestions guyz as I am going to do my landing in Canada next month.

Below is my short background description :-

I came as an international student in 2013 and started working here in Canada in 2016. I recently got my PR and will be officially landing in next month. I used to receive some funds from my dad from the period 2013-2016 when I was the student and now worker. I never had to pay taxes on these transferred funds in Canada as they were considered as "Financial help or gifts" from my family for support and I just paid taxes on my income from job in Canada only.
Currently in India, I have only one fixed deposit on my name (Appx 25K CAD), besides this I have no assets or deposits on my name. All the property, assets and deposits are on my parents name. Now, my dad wants to give/send me more money for settlement purpose (Appx 70K CAD). So total amount that I would be bringing to Canada would be 90-95K CAD.

I just wanted suggestions on the following things:-
- Should I bring all the money at once or I can even bring a part of it and have the rest be sent to me through wire at a later date without paying any tax in Canada on it.
- What would be the best channel to bring the money to Canada - Traveler's cheque or wire?
- In future, since I'll get my parents' assets as inheritance, so on CBSA declaration card on landing, should I mention that I will be getting these assets so as to avoid any future taxation in Canada on the assets?
- What all questions does the border officer will ask and what all do I have to report on CBSA declaration card on landing?

Thank you in advance guyz, any feedback or help will be greatly appreciated.

 

[Investocrat]

To your first question, you are not required to pay taxes on the 'gifts' you received from your parents, do definitely no taxes are required on the 70k. On the 25k fixes deposit, taxes may be technically payable in Canada since you have been tax resident in Canada for a while, however the amount may be negligible since you must have paid taxes on income earned through the account in India - check to see if there's a tax treaty between India and Canada. If there's, then you receive a credit for taxes already paid in India. Given the low interest rates on savings, I don't think this is going to amount to much.

You can bring in the funds in batches without triggering taxes.

I'm not sure how inheritances are treated.

On the CBSA form, ensure you list all potential assets you will be bringing in. Better to have it listed than to find out later you will need to bring it in.

 

[anky2015]

To your first question, you are not required to pay taxes on the 'gifts' you received from your parents, do definitely no taxes are required on the 70k. On the 25k fixes deposit, taxes may be technically payable in Canada since you have been tax resident in Canada for a while, however the amount may be negligible since you must have paid taxes on income earned through the account in India - check to see if there's a tax treaty between India and Canada. If there's, then you receive a credit for taxes already paid in India. Given the low interest rates on savings, I don't think this is going to amount to much.

You can bring in the funds in batches without triggering taxes.

I'm not sure how inheritances are treated.

On the CBSA form, ensure you list all potential assets you will be bringing in. Better to have it listed than to find out later you will need to bring it in.

Thank you so much for the info investocrat.