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| Subject: Funds Transfer |
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I landed as a immigrant a two months back.My family is in Canada but I came back to wind up some matters.I sold my house and some other things.While landing i mentioned some personal belongings in ´ Goods to follow " list but not mentione my house or some other proerties.Now if I transfer this money to Canada, will they ask me the source of money and will I have to pay tax. I did not earn this money in Canada ofcourse.
Please help
[13-01-2010,06:23]
[***.209.83.26]
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(in reply to: Funds Transfer)
no you don´t pay tax on the monies earned from the sale of property. However, the interest and dividends you may earn by investing those monies are taxable. My guess is you will transfer these funds by writing a check to your Canadian bank. Don´t bring cash more than 10,000 CAN$ (unless you declare it at the point of entry). I know guys who moved close to a million without any clamor. But they had to pay tax on the earned interest and so forth. I am guessing that you indicated about the property in your original application to immigrate.... if so, there is no room to question the source. Sometimes, if your money appears to have arisen from nowhere you may have to explain, such as monetary gift from family and so forth... Those gifts are not taxed until they start earning income for you after being moved to Canada.
[13-01-2010,11:40]
[***.202.38.241]
ImmAgent |
Funds Transfer (in reply to: Funds Transfer)
Thanks
[14-01-2010,03:20]
[***.209.83.26]
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