LANDED NAIJA APPLICANT PLEASE SHARE YOUR EXPERINCE

[Flaky]

you pay taxes only on income earned in canada, so since you didn't earm it in canada, you won't pay taxes. However, bear in mind the cross rate your bank will use to convert the cad, the transfer charges from your bank, and the charges your bank In canada will charge for receiving the inflow. If you are comfortable with that, fine, if not carry your cash.
You can also look at the possibility of having a visacard from ur bank in Nigeria, you can withdraw up to of 400 cad by day. On a withdrawal I made, I was charged 1500naira, at the rate of abt 154.

Just a little quest for the landed snrs.

For those that tranfered money via bank transfer from Naija bank account to canadian bank account after landing, was there a need to pay tax on the amount transfered aside for the normal bank charges?

Would need to transfer some money after landing and was wondering if i would have to pay tax on this aside the bank charge i would have to pay.Pls you advice would be appreciated.

Thanks

 

[seglad]

you pay taxes only on income earned in canada, so since you didn't earm it in canada, you won't pay taxes. However, bear in mind the cross rate your bank will use to convert the cad, the transfer charges from your bank, and the charges your bank In canada will charge for receiving the inflow. If you are comfortable with that, fine, if not carry your cash.
You can also look at the possibility of having a visacard from ur bank in Nigeria, you can withdraw up to of 400 cad by day. On a withdrawal I made, I was charged 1500naira, at the rate of abt 154.

I dont think that is right. You pay income tax from any money earned in canada and outside Canada you may not pay any tax on money earned abroad if you are still within the limit of your delcared fund at POE

 

[seglad]

Oh! what a beautiful morning!
I've just dropped in to say.
I wish you all a beautiful,
And wonderful Easter Day

 

[ANigerian]

I dont think that is right. You pay income tax from any money earned in canada and outside Canada you may not pay any tax on money earned abroad if you are still within the limit of your delcared fund at POE

The right approach is that you do not pay taxes on transfers that are not earned income. If you are transferring your savings from Naija to Canada, as you have already paid taxes when you earned the money (supposedly), you do not pay any further taxes, whether you declared at POE or not is not an issue! What you are declaring at the POE is what you have on you and that you have the minimum required, you are free to disclose at POE that further funds will be received into your account once you are settled and give an estimate, your choice.

Likewise, if you sell assets and then transfer the funds to Canada, no further taxes are due as this are not earned income. The bottomline is when transferring savings or asset sale proceeds from your home country to Canada, no taxes are due as long as they are not earned income. Your annual tax return will indicate to this effect.

If you earned money abroad whilst resident in Canada, whether within your POF limit/declared sums or not, taxes are due. Tax law in Canada looks at income earned whilst a resident, nothing to do with what was declared at POE.

Peace!!

 

[Flaky]

ANigeria just answered in a more detailed manner. There is something called a tax treaty that canada has with some nations, such that income earned are not subjected to double taxation as long as it has been taxed in the treaty country and Nigeria is one of them.
My advice, tax is a big deal, and some people say what you don't know won't kill you, but the truth is what you don't know will kill you, especially in a country wherepaying taxes is a big deal.
There are books available on canadian tax laws and tax planning. People should endendeavour to buy them and read.

The right approach is that you do not pay taxes on transfers that are not earned income. If you are transferring your savings from Naija to Canada, as you have already paid taxes when you earned the money (supposedly), you do not pay any further taxes, whether you declared at POE or not is not an issue! What you are declaring at the POE is what you have on you and that you have the minimum required, you are free to disclose at POE that further funds will be received into your account once you are settled and give an estimate, your choice.

Likewise, if you sell assets and then transfer the funds to Canada, no further taxes are due as this are not earned income. The bottomline is when transferring savings or asset sale proceeds from your home country to Canada, no taxes are due as long as they are not earned income. Your annual tax return will indicate to this effect.

If you earned money abroad whilst resident in Canada, whether within your POF limit/declared sums or not, taxes are due. Tax law in Canada looks at income earned whilst a resident, nothing to do with what was declared at POE.

Peace!!

 

[priceless]

thanks all for throwing more light on the fund transfer and tax issue.

The right approach is that you do not pay taxes on transfers that are not earned income. If you are transferring your savings from Naija to Canada, as you have already paid taxes when you earned the money (supposedly), you do not pay any further taxes, whether you declared at POE or not is not an issue! What you are declaring at the POE is what you have on you and that you have the minimum required, you are free to disclose at POE that further funds will be received into your account once you are settled and give an estimate, your choice.

Likewise, if you sell assets and then transfer the funds to Canada, no further taxes are due as this are not earned income. The bottomline is when transferring savings or asset sale proceeds from your home country to Canada, no taxes are due as long as they are not earned income. Your annual tax return will indicate to this effect.

If you earned money abroad whilst resident in Canada, whether within your POF limit/declared sums or not, taxes are due. Tax law in Canada looks at income earned whilst a resident, nothing to do with what was declared at POE.

Peace!!

ANigeria just answered in a more detailed manner. There is something called a tax treaty that canada has with some nations, such that income earned are not subjected to double taxation as long as it has been taxed in the treaty country and Nigeria is one of them.
My advice, tax is a big deal, and some people say what you don't know won't kill you, but the truth is what you don't know will kill you, especially in a country wherepaying taxes is a big deal.
There are books available on canadian tax laws and tax planning. People should endendeavour to buy them and read.

you pay taxes only on income earned in canada, so since you didn't earm it in canada, you won't pay taxes. However, bear in mind the cross rate your bank will use to convert the cad, the transfer charges from your bank, and the charges your bank In canada will charge for receiving the inflow. If you are comfortable with that, fine, if not carry your cash.
You can also look at the possibility of having a visacard from ur bank in Nigeria, you can withdraw up to of 400 cad by day. On a withdrawal I made, I was charged 1500naira, at the rate of abt 154.

 

[tito]

The right approach is that you do not pay taxes on transfers that are not earned income. If you are transferring your savings from Naija to Canada, as you have already paid taxes when you earned the money (supposedly), you do not pay any further taxes, whether you declared at POE or not is not an issue! What you are declaring at the POE is what you have on you and that you have the minimum required, you are free to disclose at POE that further funds will be received into your account once you are settled and give an estimate, your choice.

Likewise, if you sell assets and then transfer the funds to Canada, no further taxes are due as this are not earned income. The bottomline is when transferring savings or asset sale proceeds from your home country to Canada, no taxes are due as long as they are not earned income. Your annual tax return will indicate to this effect.

If you earned money abroad whilst resident in Canada, whether within your POF limit/declared sums or not, taxes are due. Tax law in Canada looks at income earned whilst a resident, nothing to do with what was declared at POE.

Peace!!

If you don't declare the funds when landing, you may be laying mines for the future. Although there is a minimum amount to be held while landing (set strictly to ensure folks have something to live on for the first 6 months after landing), the expectation is that everything a resident has and plans to bring into Canada has to be declared upon landing! If the rest of the funds are not declared during landing, it may be challenging transferring it without penalties. Indeed, I was asked for the worth of the assets I plan on bringing (aside goods to follow) while landing and the guy was kind enough to explain the reason why..except if things have changed.

How will the CRA know if it is earned income or not? How would they know you are not laundering money or doing illegal stuffs with the funds? That you paid taxes on the "savings" in Nigeria does not forbid you from paying the difference here except if you can find a way round it; meaning that you may declare the funds and pay the balance of the taxes (because of tax treaty with Nigeria with Nigeria collecting lower taxes than Canada) or set up a trust in Nigeria to shield the funds, in which case you may not be able to bring it here. There are exceptions such as gifts, inheritance, etc but better to work with a tax/financial services folks to know and avoid these pitfalls.
Most of the banks scrutinizes wire transfers (incoming, that is) and some may place a hold on it until you can go clear things up. Learnt that funds beyond CAD10k can set up a trigger that goes to the Canadian version of the EFCC.

Getting audited by the CRA is a nightmare everybody must avoid, moving funds not declared upfront and beyond the one year grace period for landed immigrants is a recipe for disaster. Claiming funds from asset sale for assets not properly documented can only cause pains eventually..

 

[tito]

ANigeria just answered in a more detailed manner. There is something called a tax treaty that canada has with some nations, such that income earned are not subjected to double taxation as long as it has been taxed in the treaty country and Nigeria is one of them.
My advice, tax is a big deal, and some people say what you don't know won't kill you, but the truth is what you don't know will kill you, especially in a country wherepaying taxes is a big deal.
There are books available on canadian tax laws and tax planning. People should endendeavour to buy them and read.

I wish! You are actually subjected to double taxation..you have to pay the difference in taxes between Nigeria and Canada. It is how it is..

 

[tito]

Generally on Tax..

Better to discuss with the folks doing the job, that is tax preparers and co. especially those familiar with the tax treaty and stuffs. The first accountant I was going to use didn't have any clue about the tax treaty and I knew he could mess things up. Like Flaky wrote, tax is a big deal here, very big deal. That's why the society works too and the government spends so much on the CRA folks to dig and dig until they have their money..

 

[priceless]

thanks Tito for this.I guess I would have to declare all funds that would be transfered after landing to avoid unnecessary issues

If you don't declare the funds when landing, you may be laying mines for the future. Although there is a minimum amount to be held while landing (set strictly to ensure folks have something to live on for the first 6 months after landing), the expectation is that everything a resident has and plans to bring into Canada has to be declared upon landing! If the rest of the funds are not declared during landing, it may be challenging transferring it without penalties. Indeed, I was asked for the worth of the assets I plan on bringing (aside goods to follow) while landing and the guy was kind enough to explain the reason why..except if things have changed.

How will the CRA know if it is earned income or not? How would they know you are not laundering money or doing illegal stuffs with the funds? That you paid taxes on the "savings" in Nigeria does not forbid you from paying the difference here except if you can find a way round it; meaning that you may declare the funds and pay the balance of the taxes (because of tax treaty with Nigeria with Nigeria collecting lower taxes than Canada) or set up a trust in Nigeria to shield the funds, in which case you may not be able to bring it here. There are exceptions such as gifts, inheritance, etc but better to work with a tax/financial services folks to know and avoid these pitfalls.
Most of the banks scrutinizes wire transfers (incoming, that is) and some may place a hold on it until you can go clear things up. Learnt that funds beyond CAD10k can set up a trigger that goes to the Canadian version of the EFCC.

Getting audited by the CRA is a nightmare everybody must avoid, moving funds not declared upfront and beyond the one year grace period for landed immigrants is a recipe for disaster. Claiming funds from asset sale for assets not properly documented can only cause pains eventually..

 

[Oloye]

Getting audited by the CRA is a nightmare everybody must avoid, moving funds not declared upfront and beyond the one year grace period for landed immigrants is a recipe for disaster. Claiming funds from asset sale for assets not properly documented can only cause pains eventually..

Well said Tito, Flaky and ANigerian. Everybody must avoid CRA audit that may eventually come out negative. A friend manipulated donation made to charity including tithes to churches between 2005 and 2008 while filing tax to gain higher tax returns, moved in money of property sold in Nigeria without declaring and no tax was paid on gains made in 2009. Investigation on him began last year and CRA just concluded their investigation in February this year with the verdict that he should pay back over $64,000 and his pay cheque garnished by CRA.

When you think you have gone away with it is when CRA is just warming up to audit. While a good accountant that is good in taxation will be a good source of info, there are books on taxation that are self explanatory and you can visit CRA's website and read their compliance and governance docs on taxation. You can even call them for clarification.

Oloye
Oloye

 

[sogood]

Happy Easter to all house members and also to say a big thank you to all forum member that wishes me and family well on my landing.The Lord will grant you all your heart desires in Jesus Name.
We left Port Harcourt by road on 27-march-2013 all thanks to Aero industrial action having paid for the flight to lagos---I will process my refund at a later date.
Arrived lagos and checked -into MFM prayer city for final blessing and anointing and left for the airport on 28-03-2013 by 3.00pm and checked in all the 8 bags. I carried all my money cash and did not declare in Lagos airport because a guy told me Nigeria customs will want to have a share of it. I kept it inside my inner suit.
KLM Flight departed by 11.45pm and arrived Amsterdam airport by 6.00am.
We disembark and I later discovered that my wife forgot to pick up the camera from the flight.I went to the transfer desk and complained and a security guard was asked to check for it and she returned it to me.
We had to wait for 6 hours for the flight to Calgary---my kids were just jumping up and down and looking at them I knew deep down me I have done something nice and beautiful for my family.
The flight from Amsterdam to Calgary was 9 hours.We arrived to an excellent weather condition and I declared that I had more than $10,000 on me.
Pass the CBSA counter and was directed to immigration control where we were processed and informed that our PR card will be available in six weeks-----No need to fill any form or passport photo.
We collected all our bags and presented them for security screening but the lady did not look at any of the bags,she just ask me how much I was carrying and demanded to see it-------"Guys here u need to be careful if u are not coming with incomplete money"---I gave it to her but she did not count it and she filled the form and asked me to sign.
It is now welcome to canada.
EMO and BDX were waiting for me outside and we drove to my apartment inspected and paid by EMO and later when back to EMO place to a nice meal prepared by the wife.
The next day a guy was moving out of Calgary and he gave me a dinning set and chairs,a queen size foam and two set of single leather chairs to start life. EMO used his car to help me move all the stuff.
I later met with Chief Orire and wife, Bdx and Gent2 family.
I must admit that calgary-canada is a sweet and nice city and I do believe that the Lord that has made it possible for me to have landed will also favour me to settle down.
Because of the holiday I have done any registration yet. I will start on Monday.
Once more happy easter and remain calm,the lord is in control of all cases in Accra.
This is the story so far.

 

[babymart]

Happy Easter to all house members and also to say a big thank you to all forum member that wishes me and family well on my landing.The Lord will grant you all your heart desires in Jesus Name.
We left Port Harcourt by road on 27-march-2013 all thanks to Aero industrial action having paid for the flight to lagos---I will process my refund at a later date.
Arrived lagos and checked -into MFM prayer city for final blessing and anointing and left for the airport on 28-03-2013 by 3.00pm and checked in all the 8 bags. I carried all my money cash and did not declare in Lagos airport because a guy told me Nigeria customs will want to have a share of it. I kept it inside my inner suit.
KLM Flight departed by 11.45pm and arrived Amsterdam airport by 6.00am.
We disembark and I later discovered that my wife forgot to pick up the camera from the flight.I went to the transfer desk and complained and a security guard was asked to check for it and she returned it to me.
We had to wait for 6 hours for the flight to Calgary---my kids were just jumping up and down and looking at them I knew deep down me I have done something nice and beautiful for my family.
The flight from Amsterdam to Calgary was 9 hours.We arrived to an excellent weather condition and I declared that I had more than $10,000 on me.
Pass the CBSA counter and was directed to immigration control where we were processed and informed that our PR card will be available in six weeks-----No need to fill any form or passport photo.
We collected all our bags and presented them for security screening but the lady did not look at any of the bags,she just ask me how much I was carrying and demanded to see it-------"Guys here u need to be careful if u are not coming with incomplete money"---I gave it to her but she did not count it and she filled the form and asked me to sign.
It is now welcome to canada.
EMO and BDX were waiting for me outside and we drove to my apartment inspected and paid by EMO and later when back to EMO place to a nice meal prepared by the wife.
The next day a guy was moving out of Calgary and he gave me a dinning set and chairs,a queen size foam and two set of single leather chairs to start life. EMO used his car to help me move all the stuff.
I later met with Chief Orire and wife, Bdx and Gent2 family.
I must admit that calgary-canada is a sweet and nice city and I do believe that the Lord that has made it possible for me to have landed will also favour me to settle down.
Because of the holiday I have done any registration yet. I will start on Monday.
Once more happy easter and remain calm,the lord is in control of all cases in Accra.
This is the story so far.

Waooooo!!Congrats once more Sogood!May Canada favour you and your household.
To our landed seniors,thanks greatly for all the good works and help you are rendering to our newly landed countrymen!May God continue to favour and bless you now and forever.

 

[Oloye]

Happy Easter to all house members and also to say a big thank you to all forum member that wishes me and family well on my landing.The Lord will grant you all your heart desires in Jesus Name.
We left Port Harcourt by road on 27-march-2013 all thanks to Aero industrial action having paid for the flight to lagos---I will process my refund at a later date.
Arrived lagos and checked -into MFM prayer city for final blessing and anointing and left for the airport on 28-03-2013 by 3.00pm and checked in all the 8 bags. I carried all my money cash and did not declare in Lagos airport because a guy told me Nigeria customs will want to have a share of it. I kept it inside my inner suit.
KLM Flight departed by 11.45pm and arrived Amsterdam airport by 6.00am.
We disembark and I later discovered that my wife forgot to pick up the camera from the flight.I went to the transfer desk and complained and a security guard was asked to check for it and she returned it to me.
We had to wait for 6 hours for the flight to Calgary---my kids were just jumping up and down and looking at them I knew deep down me I have done something nice and beautiful for my family.
The flight from Amsterdam to Calgary was 9 hours.We arrived to an excellent weather condition and I declared that I had more than $10,000 on me.
Pass the CBSA counter and was directed to immigration control where we were processed and informed that our PR card will be available in six weeks-----No need to fill any form or passport photo.
We collected all our bags and presented them for security screening but the lady did not look at any of the bags,she just ask me how much I was carrying and demanded to see it-------"Guys here u need to be careful if u are not coming with incomplete money"---I gave it to her but she did not count it and she filled the form and asked me to sign.
It is now welcome to canada.
EMO and BDX were waiting for me outside and we drove to my apartment inspected and paid by EMO and later when back to EMO place to a nice meal prepared by the wife.
The next day a guy was moving out of Calgary and he gave me a dinning set and chairs,a queen size foam and two set of single leather chairs to start life. EMO used his car to help me move all the stuff.
I later met with Chief Orire and wife, Bdx and Gent2 family.
I must admit that calgary-canada is a sweet and nice city and I do believe that the Lord that has made it possible for me to have landed will also favour me to settle down.
Because of the holiday I have done any registration yet. I will start on Monday.
Once more happy easter and remain calm,the lord is in control of all cases in Accra.
This is the story so far.

Welcome to this part of the world. May God perfect His works in your life and family. Huge thanks to all helping hands over there, May God continue to bless you guys.

Oloye

 

[Favor]

Happy Easter all!
Congratulations Sogood for a successful landing! Thumps up for all Seniors for their kind gestures!

Cheers

Happy Easter to all house members and also to say a big thank you to all forum member that wishes me and family well on my landing.The Lord will grant you all your heart desires in Jesus Name.
We left Port Harcourt by road on 27-march-2013 all thanks to Aero industrial action having paid for the flight to lagos---I will process my refund at a later date.
Arrived lagos and checked -into MFM prayer city for final blessing and anointing and left for the airport on 28-03-2013 by 3.00pm and checked in all the 8 bags. I carried all my money cash and did not declare in Lagos airport because a guy told me Nigeria customs will want to have a share of it. I kept it inside my inner suit.
KLM Flight departed by 11.45pm and arrived Amsterdam airport by 6.00am.
We disembark and I later discovered that my wife forgot to pick up the camera from the flight.I went to the transfer desk and complained and a security guard was asked to check for it and she returned it to me.
We had to wait for 6 hours for the flight to Calgary---my kids were just jumping up and down and looking at them I knew deep down me I have done something nice and beautiful for my family.
The flight from Amsterdam to Calgary was 9 hours.We arrived to an excellent weather condition and I declared that I had more than $10,000 on me.
Pass the CBSA counter and was directed to immigration control where we were processed and informed that our PR card will be available in six weeks-----No need to fill any form or passport photo.
We collected all our bags and presented them for security screening but the lady did not look at any of the bags,she just ask me how much I was carrying and demanded to see it-------"Guys here u need to be careful if u are not coming with incomplete money"---I gave it to her but she did not count it and she filled the form and asked me to sign.
It is now welcome to canada.
EMO and BDX were waiting for me outside and we drove to my apartment inspected and paid by EMO and later when back to EMO place to a nice meal prepared by the wife.
The next day a guy was moving out of Calgary and he gave me a dinning set and chairs,a queen size foam and two set of single leather chairs to start life. EMO used his car to help me move all the stuff.
I later met with Chief Orire and wife, Bdx and Gent2 family.
I must admit that calgary-canada is a sweet and nice city and I do believe that the Lord that has made it possible for me to have landed will also favour me to settle down.
Because of the holiday I have done any registration yet. I will start on Monday.
Once more happy easter and remain calm,the lord is in control of all cases in Accra.
This is the story so far.