How much money can you transfer into Canada AFTER you become a PR?

[Thalia]

Hi all,

I read that on landing you can bring in as much money as you want above $10.000, as long as you declare it.
But what happens after? E.g. after 1 year you want to transfer more money from the bank in your home-country to your Canadian bank account. Is there a limit to that amount? Is it being taxed or not?

Thank you

 

[hmisabpk]

Hi all,

I read that on landing you can bring in as much money as you want above $10.000, as long as you declare it.
But what happens after? E.g. after 1 year you want to transfer more money from the bank in your home-country to your Canadian bank account. Is there a limit to that amount? Is it being taxed or not?

Thank you

Hi, Thalia,

There is no limit and no tax on money transfer from outside of Canada how much you want.
Only need the proof of money and bank will charge their fee.


hope that helps,

hmisabpk

 

[explorer101]

Hi all,
But what happens after? E.g. after 1 year you want to transfer more money from the bank in your home-country to your Canadian bank account. Is there a limit to that amount? Is it being taxed or not?
Thank you

1. There is no limit to bring money to Canada by a PR.
2. You have to check from your home country if they have a limit of sending money.
3. The money is taxed only if you have earned it, after you became PR of Canada. Old money is not taxed.

 

[Thalia]

Thank you both very much for the reply.

What I'm more interested in is to know if e.g. my parents decide to send me $200.000 in a couple of years, will there be a problem with it? Will I be taxed?

 

[explorer101]

What I'm more interested in is to know if e.g. my parents decide to send me $200.000 in a couple of years, will there be a problem with it? Will I be taxed?

only if you claim that you earned the money after you became PR, otherwise Not taxed. You do not have to declare the deposits you get from your parents, however the interest/ investment gains on that money will be taxed in Canada.

 

[Cappuccino]

Please bare in my mind that if the amount received is higher than the allowances for gifts in the country in which it is received, you WILL have to pay tax on it in that country.

I have no idea in your own country what the limits are. But, for example, I believe in the UK the tax-free allowance for receiving a gift from a parent is around £3,000. Therefore if my parents decided to give me £10,000, I would have to pay income tax on £7,000 of it. I think you can "double up" with your spouse to get a total limit between you.

But back to the point. If your parents give you $200,000 - that is income if it is higher than the personal allowance for receiving gifts. So although Canada won't specifically tax you for transferring it, that income is certainly taxable in the country in which you receive it.

You can't get a large sum of money in one country, transfer it to another, and pay no tax in either country. I believe that would be income tax evasion. So if you do receive such a gift, I would strongly suggest researching the tax laws in that country.

Wayne.

 

[Thalia]

Thank you all for your replies. :-*

I guess I will have to ask an accountant to be sure how it works. I'm not as concerned about the taxation from the country the money come from. This I can find out easily with a phone call. But the Canadian taxation laws are still a mystery for me!

Enjoy your holidays