There is no tax on the 90K as it's not an income, the tax would be on the interest part that 90K would have generated. Eventhough it's tax free in NRE account, but it'd be taxed in Canada as Global income.
Bringing money from overseas
- Thread starter desi2012
- Start date
Hello Experts,
I am in Canada for close to 2 years, and planning to transfer some of my saving in USD ( from USA bank account) to Canada in (CAD to my Canadian bank account) this saving is from the earning with employment over 5 years in USA and I have paid tax in USA on my earning during this period. just wanted to check if this transfer from USD to CAD will trigger any tax implication with CRA and need any declaration while filing tax here in Canada.
I am in Canada for close to 2 years, and planning to transfer some of my saving in USD ( from USA bank account) to Canada in (CAD to my Canadian bank account) this saving is from the earning with employment over 5 years in USA and I have paid tax in USA on my earning during this period. just wanted to check if this transfer from USD to CAD will trigger any tax implication with CRA and need any declaration while filing tax here in Canada.
I got 66K $ from India. Money was routed through parents as a gift. Gift is not taxed in Canada- Easy and straightforward process
Hello there.
Say I bought some USA stocks from outside of Canada for USD 1000 and it later on it grows to USD 2000. Now when I obtain a Canadian PR, and I arrive in Canada, can I sell those stocks and get the money into my Canadian bank? And is the the same scenario for other assets like cryptocurrency?
Say I bought some USA stocks from outside of Canada for USD 1000 and it later on it grows to USD 2000. Now when I obtain a Canadian PR, and I arrive in Canada, can I sell those stocks and get the money into my Canadian bank? And is the the same scenario for other assets like cryptocurrency?
That is another issue. I went to some other country like a millionaire carrying all notes and waving them around at pubs, throwing away tips etc. Someone pickpocketed me after a week’s arrival and my big bundle reduced to a small amount. Since then, travel cards are better. I stopped flashing money. Wish I was careful from the beginning,
But travel cards especially those without pin are not safe. You could be scanned or pick pocketed too.
Txs. Since burglary is just a 2% chance, carry cash and quickly deposit into a bank is a safe practice.
This is quite terrible advice if read literally. Routing income through your parents to claim it as a gift would be Fraud, with all the consequences of such act. Now if it is not routed through but actually not your income, just an actual gift from your parents it is indeed not taxed in Canada, taxes have been paid by your parents already.
Regarding the stock question, it is quite complicated, but the value of those stocks at the time you become a resident would be tax free, any value it gains, dividend received, so on and so forth, between that date and the date you sell them, would be taxable. But yes you could either transfer your portfolio from the US to Canada then sell it or cash it and transfer the money, whichever is best regarding fees.
I had got money from India to Canada (around 50k) and it is not taxed in Canada. If you earn interest on that it will be taxed.
The point is not that, your blank statement of "getting money from India as not taxable in Canada" is just wrong, so as mentioned if read literally, you are giving terrible advice by saying that. In your case, it was perhaps not taxable and in many situation, yes it will not be taxable. BUT if that money is earned while you are a resident of Canada for tax purposes, it is indeed taxable. Therefore it is important to be precise in tax advice.
If that money is either a gift (and a real one not fraud) or earned before becoming a resident of Canada for tax purposes, then it is not taxable, otherwise it is fully taxable in Canada (but tax treaties prevent double taxation in most cases).
I am PR of Canada but currently outside, i landed got PR card and left. At that time I declared the things which ll follow afterwards. But i am little worried about my property in my hometown. I bought it before getting PR and have all documents, some are from my inheritance , already paid tax in my home country, what ll be the case when i ll sell it and bring the money to Canada via bank? Like after moving to Canada for good, may be next year. But i am planning to sell the property while buying house in Canada not before that. I have to pay tax on it?
It depends when you establish yourself as a Canadian resident for tax purposes. If you became tax resident after you sell the foreign property, then you pay capital gain tax on the difference. If you in fact carry a loss, then you don't any tax on it.
Thnx for your quick response. What about inheritance? I have to pay tax on it whenever i sell it? The property bought before becoming PR is taxable?