+1(514) 937-9445 or Toll-free (Canada & US) +1 (888) 947-9445

Capital gain tax for the GIC capital transfer after immigrate? Please help!

Frasty

Newbie
Apr 23, 2012
1
0
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
 

me2land

Hero Member
Aug 25, 2009
242
19
Job Offer........
Pre-Assessed..
Your accountant is right. Capital transfer itself not taxable, but capital gain is. The taxable gain/loss will be calculated from the date you became resident(for tax purpose) to the date you actually move the capital. All converted in CAD at spot rate.

¬m2l