Dear friends, thanks for your kind help and support. I have some money in bank in my home country, I want to bring like 10,000 of it with cash while landing. The rest which is about 30,000 CAD is left, if I want to bring/trasfer to Canada after one or two years, do I have to explain anything or do I have to pay tax for it? About selling my property in my home country after landing , as far as I know I should show them a proof. What about the money being left in bank account? thanks a lot.
Any tax for money transferred after landing?
- Thread starter erdebeere
- Start date
1) You would need to declare your 30,000 CAD in your upcoming tax return. Seek an accountant if you do not know how to file
2) After you became a tax resident, the selling of your property in home country is subject to capital gains tax in Canada. You would need to report those gains in your tax return.
2) After you became a tax resident, the selling of your property in home country is subject to capital gains tax in Canada. You would need to report those gains in your tax return.