Query for QORAX/leon...other senior members , regarding taxability of fund taken

[boss2009]

Hi ,

My wife was the principal applicant in our PR application , she has already visited canada and got her PR card made and came back, she took the required $$ , so our funds liabilty is over.

Now , i will travelling to canada , i shall be taking a small amount of money with me. Our house is getting sold in a few months time and my wife will be bringing the remaining money when she joins me in canada in a few months.

My query is that the money that we take on our first visit ( landing ) is exempt from Tax . When my wife will be travelling for the second time and she will be carrying money , will she taxed on bring money in her 2nd visit to canada??

This is important query , so please answer

 

[Leon]

Money that you bring to Canada is not taxed but if you are carrying more than $10,000 on you, you need to notify customs. When I immigrated to Canada I took the required funds with me and later I had my savings wired through bank transfer and I did not pay 1 cent in tax.

 

[boss2009]

thanks ,
but someone told me that

1) money taken during first entry into canada is tax free , all money taken during 2nd & 3rd... visits is taxable ?

 

[Robins]

thanks ,
but someone told me that

1) money taken during first entry into canada is tax free , all money taken during 2nd & 3rd... visits is taxable ?

When you submitted your PR application, you have stated you and your wife's fixed and liquid assets. So it does not matter how many times you bring them in or remit them through banking.

The same with your personal jewelry and watches. When you land the first time, you show the list to the officer who will also inspect the items. Items not inside your list, but you bring in later will be taxed.

 

[qorax]

Re: Query for QORAX/leon...other senior members , regarding taxability of fund t

thanks ,
but someone told me that

1) money taken during first entry into canada is tax free , all money taken during 2nd & 3rd... visits is taxable ?

There's no tax, levies, duties etc. imposed on monies brought-in anytime & every time. However, the interest it accrues while lying in your bank a/c is taxable.

Qorax