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| Subject: Money brought into Canada from overseas |
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CANADIAN TAXATION ON MONEY FROM OVERSEAS:
I made my first landing into Canada 1 1/2 years ago and I stayed there for a few days before coming back to Singapore. Now that I am moving to Canada permanently in a few months time:
1) I am bringing my saving money to Canada. Is it Taxable by Canada Taxation department?
2) In 5 to 6 years time from now, I will be selling my house in Singapore and will withdraw retirement saving money from Singapore government fund. When I transfer that money to Canada, will that be taxable by Canada Taxation department?
I am paying income tax and properties tax in Singapore now.
Please advice what document should I prepare to avoid paying double tax.
Thank you.
[20-10-2011,05:53]
[***.255.1.121]
Leo |
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NO WHERE TO HIDE (in reply to: Money brought into Canada from overseas)
Declare the amount of money you carrying when arriving in a Canadian airport.
Do familiar with worldly income in regards to CRA´s regulation.
The Canada-Singapore Income Tax Convention signed on March 6, 1976.
http://www.fin.gc.ca/treaties-conventions/Singapore_-eng.asp
1) I am bringing my saving money to Canada. Is it Taxable by Canada Taxation department?
How are you going to bring funds here, electronically or physically? Any money must be declared at a port of entry in Canada.
2) In 5 to 6 years time from now, I will be selling my house in Singapore and will withdraw retirement saving money from Singapore government fund. When I transfer that money to Canada, will that be taxable by Canada Taxation department?
Filing tax in Canada is voluntary. It´s up to you to declare as worldly income, BUT,
Have you looked at Old Age Security or Canada Pension Plan application form? There is a line (15 & 13 respectively) where you are asked if you receive benefits from other countries and to provide social security number from that country.
[20-10-2011,10:18]
[**.232.244.253]
Anonymous |
Money from overseas (in reply to: Money brought into Canada from overseas)
Thank you.
1)Do I still need to declare at airport if I transferred electronically before arriving?
[21-10-2011,02:20]
[***.255.1.51]
Leo |
Thank you, too. (in reply to: Money brought into Canada from overseas)
1)Do I still need to declare at airport if I transferred electronically before arriving?
No, but any funds you carry with you at the airport must be or better be declared.
[21-10-2011,11:58]
[**.232.244.253]
Anonymous |
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