Help with Landing, Items to follow and Canadian tax laws.

[OrangeCounty]

Please help with the following queries - any links to Canadian tax laws will be helpful

1. Do we have to declare ALL assets at the time of landing - including equity, mutual funds, bank deposits, real estate etc. At some point, we are planning to bring in some, if not all, of these assets into Canada.

2. What are the tax implications, in Canada, when we sell off some of these assets after landing in Canada? Most of these assets are held for more than 3+ years and could be classified as long-term.

Thanks for your help!

Best Regards
OrangeCounty

 

[PMM]

Hi

Please help with the following queries - any links to Canadian tax laws will be helpful

1. Do we have to declare ALL assets at the time of landing - including equity, mutual funds, bank deposits, real estate etc. At some point, we are planning to bring in some, if not all, of these assets into Canada.

2. What are the tax implications, in Canada, when we sell off some of these assets after landing in Canada? Most of these assets are held for more than 3+ years and could be classified as long-term.

Thanks for your help!

Best Regards

1. You don't "declare" money or real estate. On your tax return in Canada you have declare if you have property valued at over 100K outside Canada. You have to have a valuation on real property prior to "landing". As the difference from the valuation on your landing and the date you sell, is taxed as capital gains. Any interest you receive from your investments has to be reported on you Canada taxes. You are not going to like this, but if you are a US citizen, you have to file tax returns while living in Canada. You won't be double taxed though, just a pain to have to complete 2 tax returns each year, with different filing dates.

PMM
OrangeCounty