Is POF amount taxable?

[DOD]

Hello All

I have a question, if I transfer the POF amount to a Canadian bank after landing, does this amount become taxable?

Thank you

 

[jaybe]

Hello All

I have a question, if I transfer the POF amount to a Canadian bank after landing, does this amount become taxable?

Thank you

No, It is not taxable income.

 

[mf4361]

You can transfer any amount of fund in and out tax free. If you are bringing in cheques or cash at point of entry over $10000 just remember to declare

 

[DOD]

Thank you all.

So if I understand this correct, the POF amount I transfer to a canadian bank account after landing, will remain in my CHQ or SAV account and will not be taxed. I suppose only if I earn some interest on the SAV amount, then that amount earned will be taxed?

 

[mf4361]

Thank you all.

So if I understand this correct, the POF amount I transfer to a canadian bank account after landing, will remain in my CHQ or SAV account and will not be taxed. I suppose only if I earn some interest on the SAV amount, then that amount earned will be taxed?

Correct. Interest made in saving are considered as your income and taxed at your marginal tax rate

 

[jaybe]

if you want to save taxes on your interests then open TFSA account and transfer money there.