Update - Transfer of Funds tro Canada

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Subject: Update - Transfer of Funds tro Canada
  Please see below what I have found about keeping funds overseas and transferring them to Canada later on.

There was a prior post on this, but as that has now dropped behind, and some people (e.g. BRIAN) were raising queries on it, I think some may find this update useful.

The position is as follows :

1. All assets have to be valued in C$ on landing date.

2. Foreign assets need to be disclosed in Tax forms (T1135). However, the disclosure is limited (just the C$´000 tranche it is in, and the geographical locations it is in). No detailed analysis by account / bank / country of a/c etc. Further, this form is not required in the first year of immigration.

3. When the foreign asset is realised (e.g € bank a/c being converted to C$), this becomes a ´taxable event´. You are expected to compare the C$ realised & its equivalent C$ value on landing (see 1.).

4. If you have a gain, this is a capital gain subject to capital gains tax. 50% of this is taxable at the marginal income tax rate. If you have a loss, you can carry back the capital loss 3 years to set-off against prior capital gains, or in future ad i nfinitum against future capital losses.

Hope this helps.

[19-07-2010,09:26]
[***.193.203.170]
PR to Citizen
Update - Transfer of Funds tro Canada (in reply to: Update - Transfer of Funds tro Canada)
I landed as an immigant in may2009 and came back after geting my PR.Now iam planning to re enter in next month.I want to transfer money by selling my house etc in my home country.I will transfer the money through bank. I think this money is not Taxed in Canada as this is not earned in canada.Please comment.
[26-07-2010,09:39]
[***.209.83.26]
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