Regarding tax on money kept in Canada

[sho78]

Hi, please advice, is there any tax on keeping money in Canadian bank earning outside Canada, I am landing after two weeks in Canada and I work in Saudi Arabia so I am thinking to transfer my money to Canada so I am just thinking will there be any tax on the money which I will transfer to Canada.

I have read in one of the post that on 1st transfer there will not be any tax and the subsequent transfers are taxable actually I will transfer in parts since there is a per day transfer limit here so does it mean that from 2nd transfer onwards the money is taxable.

Please advice.

 

[explorer101]

Hi, please advice, is there any tax on keeping money in Canadian bank earning outside Canada, I am landing after two weeks in Canada and I work in Saudi Arabia so I am thinking to transfer my money to Canada so I am just thinking will there be any tax on the money which I will transfer to Canada.
I have read in one of the post that on 1st transfer there will not be any tax and the subsequent transfers are taxable actually I will transfer in parts since there is a per day transfer limit here so does it mean that from 2nd transfer onwards the money is taxable.
Please advice.

If the 2nd or any subsequent transfer of money is your income which you have got after becoming PR of Canada then it is taxable , if the money was there in any bank and you transfered to Canada, it is not taxable.

 

[sho78]

If the 2nd or any subsequent transfer of money is your income which you have got after becoming PR of Canada then it is taxable , if the money was there in any bank and you transfered to Canada, it is not taxable.

I didnt get it, Please tell me what do you mean by above statement

 

[sho78]

I didnt get it, Please tell me what do you mean by above statement

Please advice

 

[sho78]

Please advice

Seniors please comment.