Transferring funds as a PR
#1
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Thread Starter
Joined: Mar 2015
Location: London Boy... BC Man
Posts: 171
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.
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.