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Transferring funds as a PR

Transferring funds as a PR

Old Aug 25th 2017, 7:28 pm
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Joined: Mar 2015
Location: London Boy... BC Man
Posts: 171
Rainmaker is an unknown quantity at this point
Default Transferring funds as a PR

Hi All,

Hope all are well.

May I trouble you please to provide clarification on the following. Assume I settle today in BC from London as a PR, and also assuming I have CAD100k as cash in my UK bank account which will be declared. If I use Transferwise for example and transfer this full amount at the same time as I settle then there is nothing to immediately declare, as the bank will automatically report it as part of their regulatory requirements, and I will not be liable for any taxes correct?

Assuming I transfer this amount in 1 year's time, and the rate at the point of transfer will be GBP:CAD = 1:1.70, with today's rate being approximately 1:1.60, would I be liable for approximately a 50% tax on the .10 gain which I will have to personally and manually report to the authorities?

Vice versa, if the rate dropped to 1:1.50, would I be able to offset this loss against tax obligations in other areas?

Thank you as always guys and gals, and looking forward to hearing from you shortly.
Rainmaker is offline  

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