Hello from Dubai!
I'm a Canadian non-resident returning to Canada this summer from Dubai, where I've been working for the past 17 years.
Naturally I had severed all ties - and now I am planning to return as a resident, possibly buy a house, obtain a health-card, driving license, bank account - and settle back in to the great ol' Canada.
I would like to inquire about brining back my overseas savings to Canada:
1) What tax implications do I have on my savings that I accumulated overseas? I plan to return with me CAN 150k.
a) Will these funds be tax-free as they were accumulated when I was non-resident?
b) Do I need to prove their source? i.e. that they are savings and not inheritance, gain from property, etc...
2) What is the best way to bring back the money?
a) bank draft or cash and declare on point of arrival/airport?
b) bank transfer once I have opened a bank account in Canada?
I would be grateful to your help in answering these questions of mine!
Many thanks
I'm a Canadian non-resident returning to Canada this summer from Dubai, where I've been working for the past 17 years.
Naturally I had severed all ties - and now I am planning to return as a resident, possibly buy a house, obtain a health-card, driving license, bank account - and settle back in to the great ol' Canada.
I would like to inquire about brining back my overseas savings to Canada:
1) What tax implications do I have on my savings that I accumulated overseas? I plan to return with me CAN 150k.
a) Will these funds be tax-free as they were accumulated when I was non-resident?
b) Do I need to prove their source? i.e. that they are savings and not inheritance, gain from property, etc...
2) What is the best way to bring back the money?
a) bank draft or cash and declare on point of arrival/airport?
b) bank transfer once I have opened a bank account in Canada?
I would be grateful to your help in answering these questions of mine!
Many thanks
