Hi everyone, 
I've benefit quite a lot from reading the posts here regarding income and/or money brought into Canada and the tax implication on them.
I still have a situation which I hope someone here can help me with:
I consider myself still a factual resident of Canada as defined on the CRA website. I work most the time in China but I return to BC everyone four to five months and stay there for a month or so. That's why I still keep my BC Driver's License, Health Card...etc. I also own a condo in Richmond and have no intention of disposing it anytime soon (it's vacant, so no rental income). I report my annual income tax as if I never left Canada, getting all the returns I'm eligible for. So far I assume I'm doing things right.
Here is where things get a little bit complicated:
My father is not a resident of Canada and he kept a condo in China for the intention of passing that to me (never was under my name though), and this year he sold the unit, paid all local tax and transferred the money to my Chinese account. Now the money is sitting in my local account and I am thinking of transferring them back to Canada over the course of next few years. Now the question is:
1) Will I be taxed on those money?
2) If so, what tax?
3) My wife is non-resident of Canada but she plans to immigrate in the future, will it help if she opens up an account in Canada and does the transfer on her side?
4) Or, is it better for me to become a non-resident and return as a resident later? (This would be my last choice)
I would appreciate a lot if someone can help me. ;D
I've benefit quite a lot from reading the posts here regarding income and/or money brought into Canada and the tax implication on them.
I still have a situation which I hope someone here can help me with:
I consider myself still a factual resident of Canada as defined on the CRA website. I work most the time in China but I return to BC everyone four to five months and stay there for a month or so. That's why I still keep my BC Driver's License, Health Card...etc. I also own a condo in Richmond and have no intention of disposing it anytime soon (it's vacant, so no rental income). I report my annual income tax as if I never left Canada, getting all the returns I'm eligible for. So far I assume I'm doing things right.
Here is where things get a little bit complicated:
My father is not a resident of Canada and he kept a condo in China for the intention of passing that to me (never was under my name though), and this year he sold the unit, paid all local tax and transferred the money to my Chinese account. Now the money is sitting in my local account and I am thinking of transferring them back to Canada over the course of next few years. Now the question is:
1) Will I be taxed on those money?
2) If so, what tax?
3) My wife is non-resident of Canada but she plans to immigrate in the future, will it help if she opens up an account in Canada and does the transfer on her side?
4) Or, is it better for me to become a non-resident and return as a resident later? (This would be my last choice)
I would appreciate a lot if someone can help me. ;D
