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Bringing money into Canada.

Discussion in 'Canadian Finance and Taxation' started by C2008, May 17, 2009.

  1. Hi,

    I have a PR since almost 3 years now, and I'm planning to move to Canada permanently within few months, however, during all the previous 3 years I had a bank account in Canada with around CA$6000, which were earning interest, and I haven't filed any tax sheet since I didn't work in Canada.

    Now I'm planning to transfer large amount of money to my account in the Canadian bank before I move permanently, my question is will I be taxed on them?

    And with that large amount of money I will buy a house in Canada, what would be the taxing on that?

    Thanks in advance.
  2. Money you bring to Canada is not taxable itself atleast it is your income for years you been considered as
    Canadian resident for taxation.

    You should discuss it with a good tax advisor.
    For example, The fact you kept 6000 CAD in Canadian Bank could give you a status as Canadian resident for taxation.

    When you buy a house in Canada taxation depends on local rules.
    For example in BC you pay 1% on the first $200,000 and 2% on the rest of buying property.

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