Declaring the money i brought...

[ninakap30]

hi there
Guys i have a question
When we landed at Toronto we declared the amount we had with us,it was much more than 10000 cad.The officer told us that we will pay tax for this.I came with my hubby so in the application we filled it as a family amount.How much would be the tax?does anyone have an idea?

 

[steaky]

It is probably a mistake. There are no taxes for money brought to Canada even if it is more than 10k cad.

 

[deweysmith]

Shouldn't be any taxes, but you need to be prepared to tell them where all the money came from and have some proof. If they suspect it is proceeds of crime they can seize all of it and not return it, but as long as you declare it up-front and are not trying to conceal any they usually don't have a problem.

 

[G.Jay]

I don't know what the law says in Canada bu I don't think it is right for the officer to ask for taxes to be paid on the amount. This is not money earned on Canadian soil. Money earned on Canadian soil can be subject to tax. Besides, the money you are bringing in as an immigrant will be spent on on Canadian soil which is an advantage to the government because taxes will indirectly be applied to the money you will be spending. We need to find out which Canadian tax law says this. Thanks for bringing this up.

 

[scylla]

This is not money earned on Canadian soil. Money earned on Canadian soil can be subject to tax.

While I agree that they money brought into Canada won't be taxed - the above statement is false.

If you are living in Canada and end up making or receiving income from non-Canadian sources - it still has to be declared in your tax return and it will be taxed.

 

[emiiuki]

But, she is not receiving it from abroad, she is bringing it as settlement funds.

While I agree that they money brought into Canada won't be taxed - the above statement is false.

If you are living in Canada and end up making or receiving income from non-Canadian sources - it still has to be declared in your tax return and it will be taxed.

 

[scylla]

But, she is not receiving it from abroad, she is bringing it as settlement funds.

Yes - which is what I said in my response.