Taxes:Gonna do my landing soon. How long do I have to enter my money into Canada before it becomes taxable

[Said18]

• How long do I have before transfering my money from my home coutry to Canada becomes taxable?
• And is the amount relevant to what I showed in my bank statement?
• Note that I specified in my application where they ask you "how much are you bringing into Canada" that I will be bringjng in $35,000, is this amount bindable? Or can I get more?

 

[PMM]

Hi

• How long do I have before transfering my money from my home coutry to Canada becomes taxable?
• And is the amount relevant to what I showed in my bank statement?
• Note that I specified in my application where they ask you "how much are you bringing into Canada" that I will be bringjng in $35,000, is this amount bindable? Or can I get more?

1. Forever, it doesn't become taxable. Only the interest earned after you become a tax resident is taxable.
2. No, you still have show proof of funds to meet the LICO when you "land" though.
3. You can bring as much as you want, as long as you declare on entry if you are carrying over $10K with you. Otherwise if it is transferred electronically to a financial institution in Canada, then they will report it to FINTRAC if it is over $10K

 

[Said18]

Hi




1. Forever, it doesn't become taxable. Only the interest earned after you become a tax resident is taxable.
2. No, you still have show proof of funds to meet the LICO when you "land" though.
3. You can bring as much as you want, as long as you declare on entry if you are carrying over $10K with you. Otherwise if it is transferred electronically to a financial institution in Canada, then they will report it to FINTRAC if it is over $10K

Thanks a lot! That was helpful.