australia to canada money questions

[dalmarc]

hi all,

i am new to this forum and have no yet looked around but here is my situation:

I am australian and my wife is canadian. We have lived in Aus for approzimately 10 years and are going to move back to canada. We are going to sell our house in aus

My question is:

With the house money, i know it non taxable in australia being my primary residence but what happens if i transfer it to our canadian bank account? Will it be classed as income over there? I am i better off investing in aus and paying the tax on the income and can i then transfer the australian after tx income to canada without any further taxes in Canada?

Hope this makes sense and hopefully someone has been in a similar situation

thanks

 

[steaky]

Whether or not the proceeds of the sales is taxable depends what time you move to Canada. Canadian residents are taxable on their world income. If you do not reside in Canada, you don't pay tax to the Canadian government on your non-Canadian income.