the best year to wire in your money ?

[cooldoc80]

Hi guys ,

I landed at august/2015 ,only stayed for a couple , and during that same year (2015) i wired half of my savings .

at 2016 , my wife would live in canada for 4-5 months , she would hopfully have a baby there and she already have a bank account and health card but she is not working . for me i would live with her for 2 months before going back home and moving permenantely to canada at 2018

My question is that i have money that i want to transfer to canada , from what i understood by reading the forum is that my wife and i are considered tax residents for the year 2016 ( because we had a baby there and my wife4-5 months in canada ) so if i wire money during the same year my wife had a baby ( 2016) would that mean the money would be taxed ?

do you think its better that i transfer the money at 2017 ( as we would only spend 2 months in canada during that year ) so we wont be considrered residents for tax purposes ?

thanks

 

[steaky]

If you have already filed your T1135 in your tax return and declared the money in your overseas bank accounts, and therefore paid the relevant income tax, you would not pay double if you wire them to Canada. It's the same for 2016, 2017, or future years.

 

[cooldoc80]

Dear STeaky

Thanks alot for your help , because you are one of the most dependent and experienced members of this forum so that why i'm really confused now !!

Please find below my dates breaked through :

2015


I actually only landed for 3 weeks with my wife and we opened bank account and applied for SIN only

2016

My wife went to canada and hopfully would stay for 4 & 1/2 month and have her baby there (she now has an alberta health card ) and i would follow her and only stay 2 months with her , during this year my wife dosent have a job as she is a student .....


Dear steaky , for the first year of landing (2015) eveybody advised me on this forum not to file any taxes as i only stayed for a short period , I even double checked with a chartered accountant and told me the SAME , nobody told me to file any forum

My uncertainty lies in the year 2016 ( the year my wife would have her baby in canada ) , i'm getting mixed opinions on this one

an accountant told me that i dont have to file any taxes as my wife only stayed for 4.5 months and only has 2 secondary ties ( bank account and health card ) he recommended i pay medical expenses only (because my wife is not staying for 6 months in alberta )

while other members of the forum are telling me I HAVE TO FILE TAXES for year 2016 !!

i'm really afraid of wiring the rest of my money to canada this year in case they say i have to pay taxes this year ?

please let me know what do you recommend ?

Is it better wire the money at 2017 ( as we will only stay for 2-3 months during that year ) , we plan to settle permanently at 2018

 

[steaky]

You got an accountant? So why don't you ask him/her about the money wiring issue?

I also recommend your wife to pay for the medical expenses.

 

[cooldoc80]

the accountant is a friend of mine but his advise is not logical ! at all! he dont have a canadian license though.

 

[aptaxgroupotca]

If you have a personal accountant you should ask him/her so he/she can help you.. or if you are looking for a Canada US tax accountant or a cross border tax specialist i might help you get one! cheers!