Tax on money transferred to Canada

[Dreemer]

Hi fellows,

I'm sure that the same question was asked before, but i still need some clarifications please.
I got my PR in July 2011 but i'm still not residing in Canada. Now i'm planning to move back to settle permanently.
I have one major concern, i'm selling my properties in my home countries and will be transferring huge amount of money to my Canadian bank account (~300,000 $). I will use this money to buy a condo in Canada.
Will there be any tax implications on this transferred amount?

Thanks

 

[steaky]

If that property was sold BEFORE you became resident of Canada, then there is no tax implication.

 

[Goran01]

If that property was sold BEFORE you became resident of Canada, then there is no tax implication.

I am in similar situation. I have accumulated savings (over $100k) but these are not from any sale of property, just savings from monthly salary deposited in bank. If I transfer my savings to my Canadian bank a/c after landing in Canada as a PR, then will those savings be taxed?

 

[steaky]

I am in similar situation. I have accumulated savings (over $100k) but these are not from any sale of property, just savings from monthly salary deposited in bank. If I transfer my savings to my Canadian bank a/c after landing in Canada as a PR, then will those savings be taxed?

No tax.

 

[Ruhi123]

Hi,
I have got my PR and planning to fly in the month of July & will return in mid august. I wil take POF for landing purpose.
But i cannot take all the funds right now, i will be taking next time somewhere in march, 2014.
What are the tax implications on the amount on my second visit to CA?
Appreiciate yr information & guidance.

 

[Gary Goldshmidt]

Check with a good accountant depending on how your immigrate to Canada in some cases you can keep your money off shore for a period of five years without paying any tax to CRA. These rules change all the time so please don't take this as gospel I am not an accountant. You can always bring your money to Canada and then it will be taxed, if you need to buy a property then obviously you need the money in Canada.

The rule of thumb is CRA and the Canadian Government want people to bring their money to Canada this creates tax revenue for the Government.