Hello
Years before I immigrated to Canada I purchased GICs in Europe.
Now the GICs became due and the GIC values in CAD are different from the CAD value I immigrated.
Are these differences capital gains or losses if I transfer the capital to Canada?
All the interests from this GIC were with exchange rates declared the last years.
But what's now with the capital?
My accountant told me that all capital transfer are taxable against the exchange rate on immigration date.
He told me an example:
The exchange rate on immigration date is 1
4 weeks later the exchange rate is 1.1
He told me, that the difference 0.1 are capital gains if I transfer my savings 4 weeks after immigration. That means capital transfer is taxable?
Tnx for all answers
Years before I immigrated to Canada I purchased GICs in Europe.
Now the GICs became due and the GIC values in CAD are different from the CAD value I immigrated.
Are these differences capital gains or losses if I transfer the capital to Canada?
All the interests from this GIC were with exchange rates declared the last years.
But what's now with the capital?
My accountant told me that all capital transfer are taxable against the exchange rate on immigration date.
He told me an example:
The exchange rate on immigration date is 1
4 weeks later the exchange rate is 1.1
He told me, that the difference 0.1 are capital gains if I transfer my savings 4 weeks after immigration. That means capital transfer is taxable?
Tnx for all answers