PLEASE SOME EXPERT HELP

[TOCANADA]

Hi to everyone ,
I'm an Italian citizen and I'm thinking to immigrate to Canada . I have some concerns about taxations and so I read a lot in the Internet and I looked for advise here in Italy by some lawyers but I didn't get lucky, so I hope maybe some of you might have the answers to my questions.
I own some forest here in Italy and I have a cospiquous bank account in Italy due to some donations from my family and an inheritance . Looking at the tax regulations in Canada I have the doubt that I'll have to pay the tax of capital gains on the forests if I sell them or in the case I have to leave Canada after being a resident for more then 60 months ,someone told me that it is not so because forests have not this treatement in taxation in but I really don't know.
About the money wich is in part in a bank account and in part in Italian state titles I was wondering if the gain that can arise from fluctuation in the change Euro-Canadian Dollar may be countet also as a capital gain and taxed.
I hope someone can give me some good information .
I thank all of you in advance

 

[Leon]

I think you need a tax lawyer to help you. I know when I moved, I transferred all my money from my bank in old country to my Canadian account. I paid no tax in Canada. The only tax you pay in Canada is off your interest and the bank takes it automatically away from your interest when they add it to your account.

 

[TOCANADA]

Thanks a lot for your answer Leon !!

I think my situation is a little different because I have this properties in Italy and the money is also in Italy.
From what I have seen in the Internet it seems to be a lot of capital gain taxes to pay , but it's really confusing .

Is there someone else who can tell me something ???
Someone who knows a good Canadian tax layer ??

 

[V]

I would try to contact one or more of the tax services companies in Canada, like H&R Block (http://www.hrblock.ca/). Ask if you can speak with a CA (Chartered Accountant). They should have an answer for you for a fee.

Good luck

V

 

[toby]

Star: H&R Block is NOT the place to go for good advice on offshore issues. They are there to handle meat-and-potatos tax returns, and they have been known to make many mistakes.

Leon: Unless you made some special arrangement with your bank, tax on interest income is not deducted by the bank. The bank issues a tax receipt and the taxpayer includes this income in his tax return.

The issue of the forest. If you can establish what its value is when you come to Canada (the Adjusted COsta Base, i.e. ACB), and sell it later, only the profit above the ACB is taxable, at capital gains rates. These are the lowes tax rates in Canada.

 

[Alabaman]

Star: H&R Block is NOT the place to go for good advice on offshore issues. They are there to handle meat-and-potatos tax returns, and they have been known to make many mistakes.

Do you know a good tax professional that understands immigration issues? I am looking for one as well.

Thanks.