Hello
I am landing in Canada on May 30,2016 to start PR process and plan to settle here. I resigned from my company from March 31, 2016 and have no other source of income. I am bringing my earlier savings amounting to 40k USD in demand draft which I would declare at the time of landing.
My previous employer will wire transfer amounting to more than 100k CAD somewhere in August 2016 to my account. If I communicate to my ex employer my Canadian bank account details for wiring this money in August 2016 (when I would be PR and resident with social ties), will this end of service benefits amount be needed to be declared as income in 2016 returns and taxed as well or will this transaction be considered as my pre dated world income (savings) when I was non resident whereby contract of job ending in March but this last big payment coming in August 2016 after becoming PR in May 2016.
Kindly share your insight onto this.
Regards
Muhammad Hassan
I am landing in Canada on May 30,2016 to start PR process and plan to settle here. I resigned from my company from March 31, 2016 and have no other source of income. I am bringing my earlier savings amounting to 40k USD in demand draft which I would declare at the time of landing.
My previous employer will wire transfer amounting to more than 100k CAD somewhere in August 2016 to my account. If I communicate to my ex employer my Canadian bank account details for wiring this money in August 2016 (when I would be PR and resident with social ties), will this end of service benefits amount be needed to be declared as income in 2016 returns and taxed as well or will this transaction be considered as my pre dated world income (savings) when I was non resident whereby contract of job ending in March but this last big payment coming in August 2016 after becoming PR in May 2016.
Kindly share your insight onto this.
Regards
Muhammad Hassan