will my fiancee be questioned on income source?

[dreamon2019]

Good day everyone,

May I have your help and answer to this situation, the plot is:
- I am PR of Canada, my fiancee is not PR.
- Planning our future in Canada, she has been giving (transferring) money to my Canada bank account monthly, like CAD$1k-2k per month, with her name noted.
- I've filed her tax this year for 2018 in our "family total income" - input her world-wide net income
- she will receive money from her parents montly (CAD$5K-8K/month) or later, one-time (around CAD$500K)
- she plans to transfer the money to my Canada bank account as well.

If she does so, transfer money to my Canada bank account:

1. From my point of view, the money from her parents to her can be taken as "gift", is this correct?
2. Will my fiancee be questioned on the source of income, any proof documents will be required?
3. Do we/I have to pay more tax on this in the coming year(s)?
4. Any other questions we would meet?

If one-time transferring is good to go, we will take this way.

Your input will be appreciated.
-D

 

[canuck_in_uk]

Good day everyone,

May I have your help and answer to this situation, the plot is:
- I am PR of Canada, my fiancee is not PR.
- Planning our future in Canada, she has been giving (transferring) money to my Canada bank account monthly, like CAD$1k-2k per month, with her name noted.
- I've filed her tax this year for 2018 in our "family total income" - input her world-wide net income
- she will receive money from her parents montly (CAD$5K-8K/month) or later, one-time (around CAD$500K)
- she plans to transfer the money to my Canada bank account as well.

If she does so, transfer money to my Canada bank account:

1. From my point of view, the money from her parents to her can be taken as "gift", is this correct?
2. Will my fiancee be questioned on the source of income, any proof documents will be required?
3. Do we/I have to pay more tax on this in the coming year(s)?
4. Any other questions we would meet?

If one-time transferring is good to go, we will take this way.

Your input will be appreciated.
-D

1. If they are giving her the money, yes.

2. She may or may not be questioned. Yes, she needs to have proof of the source of the money in case.

3. If CRA questions it and she cannot prove that the money was a gift from her parents, yes, it could potentially be assessed as income and taxed. If she can prove it was a gift, no tax implication.

 

[dreamon2019]

1. If they are giving her the money, yes.

2. She may or may not be questioned. Yes, she needs to have proof of the source of the money in case.

3. If CRA questions it and she cannot prove that the money was a gift from her parents, yes, it could potentially be assessed as income and taxed. If she can prove it was a gift, no tax implication.

Thanks for your reply canuck_in_uk.
Then can I consider a translated and notarized letter from her parents could make things all set?

In the letter, written by her parents, should clearly states they are willing to give an amount of money to my spouse. Is it necessary the word "gift" presents in the letter?

Last one question, will it be questioned "what's the source of the money from her parents?" or like "from where your parents get the money?"

Please advise.

 

[canuck_in_uk]

Thanks for your reply canuck_in_uk.
Then can I consider a translated and notarized letter from her parents could make things all set?

In the letter, written by her parents, should clearly states they are willing to give an amount of money to my spouse. Is it necessary the word "gift" presents in the letter?

Last one question, will it be questioned "what's the source of the money from her parents?" or like "from where your parents get the money?"

Please advise.

Bank statements, not a letter.

No, CRA won't care where her parents got the money.

 

[dreamon2019]

Bank statements, not a letter.

No, CRA won't care where her parents got the money.

Thank you for all the helpful answers!

 

[shalenabennie]

Bank statements, not a letter.

No, CRA won't care where her parents got the money.

Hi canuck! How are you? I have a question about coming to Canada with funds. If everything goes well with my husband sponsorship, we are hoping to to be back in Canada by the end of the year. I know we need to declare any cash over 10 000 that we bring but your do we go about bank account funds? Do we come to Canada, open a bank account and then transfer the funds? Do we need to report the amount? Is it taxed?

 

[dreamon2019]

Hi canuck! How are you? I have a question about coming to Canada with funds. If everything goes well with my husband sponsorship, we are hoping to to be back in Canada by the end of the year. I know we need to declare any cash over 10 000 that we bring but your do we go about bank account funds? Do we come to Canada, open a bank account and then transfer the funds? Do we need to report the amount? Is it taxed?

excuse me to reply this since it's not to me, but as far as I know, as you already typed, over 10,000 CASH need to be declared.
Open a bank account in Canada should not falls into this.

About tax, need professional answer too.

 

[canuck78]

Hi canuck! How are you? I have a question about coming to Canada with funds. If everything goes well with my husband sponsorship, we are hoping to to be back in Canada by the end of the year. I know we need to declare any cash over 10 000 that we bring but your do we go about bank account funds? Do we come to Canada, open a bank account and then transfer the funds? Do we need to report the amount? Is it taxed?

Over $10,000 needs to be declared to try and prevent money laundering. You just need to prove where the money came from. There is no need to Travel to Canada with all your money in cash. You can do an electronic transfer from the bank in your home country to your new account in a Canada. If you want to bring in lots of cash I would bring a copy of your bank statement showing you withdrew that amount. You can then go into a bank and deposit the Canadian money into your new account. No, your savings are not taxed if you transfer it to Canada. You should look into partnerships between banks because some will waive or lower your fee to take out money via the atm if you have a hard time getting Canafian currency. You can then just withdraw cash until you get your bank account slet-up. You also can bring a credit card for another option to pay for items. Not a great longterm plan because the conversion rate will not be the same as the actual conversant rate. If you plan on using debit or credit card in Canada notify your institution in advance so they don’t freeze your card for irregular activity.

 

[shalenabennie]

Over $10,000 needs to be declared to try and prevent money laundering. You just need to prove where the money came from. There is no need to Travel to Canada with all your money in cash. You can do an electronic transfer from the bank in your home country to your new account in a Canada. If you want to bring in lots of cash I would bring a copy of your bank statement showing you withdrew that amount. You can then go into a bank and deposit the Canadian money into your new account. No, your savings are not taxed if you transfer it to Canada. You should look into partnerships between banks because some will waive or lower your fee to take out money via the atm if you have a hard time getting Canafian currency. You can then just withdraw cash until you get your bank account slet-up. You also can bring a credit card for another option to pay for items. Not a great longterm plan because the conversion rate will not be the same as the actual conversant rate. If you plan on using debit or credit card in Canada notify your institution in advance so they don’t freeze your card for irregular activity.

Thanks so much! We dint like traveling with cash so we are just planning to do a transfer once we got to Canada, but wasn't sure if they were going to tax the money that we transfered. Also, I've been reading that bio applicant as has a tendency to be completed a bit quicker then non bio applicants. Is there any truth to that, abd if so, do you know what the average ss processing time is in ss for a bio applicant? My husbands gckey has a biometric number on it. We didn't provide for the sponsorship, but I believe we did when we applied for a visit visa back in 2015. I'm thinking it's the same?

 

[canuck78]

No I don’t believe the application will be faster. If it is it may be a few weeks faster. Plan for 1 year.

 

[shalenabennie]

No no

No I don’t believe the application will be faster. If it is it may be a few weeks faster. Plan for 1 year.

Not the application itself, I'm mean the ss process. I have read that before, ss (security screening) was taking 8 to 12 months, But bio metric applicants now, are I guess finishing ss in 4 to 6 months?