saving & duty/tax

[keith d]

Hi.
My wife(Canadian) and I have just moved to Canada. In the process of filing my forms for consideration, we listed all our assets, which at the time were approx $750 000. By the time we moved, we didn't have that ammount as our house has yet to sell and some of our savings are still tied up in long term accounts. We actually transferred about $150k to get us going, and in the future we hope to transfer the rest. My question is this-

All the monies mentioned above have been earned by myself & my wife and all relevent taxes paid on them in my home country ( we lived there almost 10 years). These are therefore our personal savings. Are we liable for duty/ tax on this ammount?

 

[PMM]

Hi

Hi.
My wife(Canadian) and I have just moved to Canada. In the process of filing my forms for consideration, we listed all our assets, which at the time were approx $750 000. By the time we moved, we didn't have that ammount as our house has yet to sell and some of our savings are still tied up in long term accounts. We actually transferred about $150k to get us going, and in the future we hope to transfer the rest. My question is this-

All the monies mentioned above have been earned by myself & my wife and all relevent taxes paid on them in my home country ( we lived there almost 10 years). These are therefore our personal savings. Are we liable for duty/ tax on this ammount?

No, the only thing that you could possibly get hit for is the capital gains on your house, on the increase in value from the date of landing to the date of sale.

PMM