Bringing in rental income from overseas when i settle in Canada

[d_e_s_i]

Greetings everyone,

I am going to be a PR in Ontario by early next year. When i move to Canada, i have all these Rental incomes that i earn from my home country, i can redirect the earnings and have it transfered to my canadian bank account so i can also use it to sustain my life in the new country.

I understand that every money transaction coming into canada is subjected to query by certain departments at the end of the year. To avoid all of that hassle, i would like to declare my rental income.

Question is: How much would i be taxed for that? The amount would be roughly CAD 9,000 a month or CAD 108,000 per annum

From my opinion i think it would be a good idea since i will be starting from scratch in Canada and having this instant income coming into the canada financial system will simply get me a jump start, i can get loans and mortgages faster comparing to those individual who are going to work it off with job earnings and gradually make their existence into the financial system after a certain period of time.

What do you humble people think of this?

Regards,




Desi.

 

[21Goose]

This is a tax question. You have to declare your income (it's not a choice..), and you will be taxed based on the usual factors (amount of income, your family situation etc. etc.)

Search for a Canadian tax calculator to estimate your taxes at the end of the year.

 

[canuck_in_uk]

Greetings everyone,

I am going to be a PR in Ontario by early next year. When i move to Canada, i have all these Rental incomes that i earn from my home country, i can redirect the earnings and have it transfered to my canadian bank account so i can also use it to sustain my life in the new country.

I understand that every money transaction coming into canada is subjected to query by certain departments at the end of the year. To avoid all of that hassle, i would like to declare my rental income.

Question is: How much would i be taxed for that? The amount would be roughly CAD 9,000 a month or CAD 108,000 per annum

From my opinion i think it would be a good idea since i will be starting from scratch in Canada and having this instant income coming into the canada financial system will simply get me a jump start, i can get loans and mortgages faster comparing to those individual who are going to work it off with job earnings and gradually make their existence into the financial system after a certain period of time.

What do you humble people think of this?

Regards,




Desi.

I think you need to research Canadian tax laws a bit more. There is no "I would like to declare my income". You are legally required to declare it; failure to do so is tax fraud.

 

[canuck78]

Would clarify that regardless of whether you transfer the money to a Canadian account it needs to be declared on your taxes as income.

 

[d_e_s_i]

This is a tax question. You have to declare your income (it's not a choice..), and you will be taxed based on the usual factors (amount of income, your family situation etc. etc.)

Search for a Canadian tax calculator to estimate your taxes at the end of the year.

Thank you, well noted.

 

[dotslash227]

I would suggest that you get in touch with a Canadian Tax Lawyer practicing in the province in which you want to settle and seek advice from it. He will charge you and you should pay him/her fees but never the less, that advice would be more solid and gold than suggestions from random internet strangers.

Ciao.