Recieving money from over seas

[slim1956]

If you were scammed out of money from another country. Now that country is trying to fix there problem by sending you money back using a VISA BANK CARD. Do you have to pay taxes on such card before being able to use it? Can you help me out?

 

[charles_vittorio]

I have a similar question, in my case I have a house rented in my country and I want to receive this money in Canada without paying taxes

Tks

 

[hobbes]

I have a similar question, in my case I have a house rented in my country and I want to receive this money in Canada without paying taxes

Tks

You are obliged to pay taxes on your worldwide income... whether you transfer the money to Canada or not, you have to include the rental income when you file your taxes. The good news is that if you have paid taxes in another country that can be deducted from the canadian tax bill.

 

[Amadan123]

Agreed with hobbes.

If it is income, then it will be taxed. If it is a repatriation of after-tax funds, then it will not be.

Madan Chartered Accountant team
www.madanca.com

 

[Suin]

Agreed with hobbes.

If it is income, then it will be taxed. If it is a repatriation of after-tax funds, then it will not be.

Madan Chartered Accountant team
www.madanca.com

What about the transfer of savings funds?

 

[newtone]

What about the transfer of savings funds?

If you've earned capital gains on the savings fund then you have to declare it. The capital gains will be taxed.

 

[torontosm]

I have a similar question, in my case I have a house rented in my country and I want to receive this money in Canada without paying taxes

Tks

Are you asking for help on how to illegally dodge taxes?

 

[Amadan123]

If what torontosm suggests is true, then you should know that the CRA can come down heavy with penalties and interest of unreported and/or under-reported income. A word of caution: be wise with your tax payment and reporting obligations with the CRA.

Madan Chartered Accountant team
www.madanca.com