RSK

Hi group

I landed in 2003 and went back to Singapore after a week then i came back Nove 2004 to take up a job and I have been here since then. I have not brought major part of my money from singapore the exchange rate between canadian and sing dollar is not favorable to me yet. I am planning to bring in my money probably by end of 2005. my question is wil i be taxed for al the money I bring in edn of 2005. Do I have to declare anything nw so that i am not taxed when i bring in my money. pls help

Thanks for all the help

Cheers...rsk

Biiiiink

Just my experience, not an expert... I brought in money to purchase a property (was not resident in Canada at the time) and was not taxed at all. Probably because it was already taxed in the UK and they don't dual tax you. No idea about Singapore though. I think they ask you to declare money more for the money laundering side of things, rather than to tax you.

Biiiiink

Lyles

Hi RSK,

I think Biiiiink is right. I recently spoke to a bank in Canada regarding bringing money into the country on arrival and they said that you will not be taxed on the Canadian side when you first emigrate, but once you have officially emigrated, any money you bring into the country after that date, is then taxable. Also, if it is taxable, they will only apply tax if it is over a certain amount (I think). He gave me a breakdown, but I no longer have the information - just letting you know that they should be able to give you the calculations too.

I didn't check this any further as I was just curious at the time, so don't take it for granted that its correct.

Might be an idea to call HSBC in Canada and speak to their international section. That's who I spoke to.

Leila

Fluffy Boogie

Hello Biiiiiink!
Its been a while, but I thought I'd ask for your help on this as well as I keep finding conflicting reports and you seem to be so well informed!

We are arriving Feb 9 2007 (yes!) but my boyfriend will still be receiving his work salary from Holland thereafter as he is in sales, say in the months of Feb, March and April. Some say that you won't be taxed on this income as there are country regulations on dual-taxing, but others say that any money brought in AFTER you land, so after our Feb 9th landing, would be taxed.

What is your advice or thoughts regarding this? We will need the money received but is it wiser to jsut keep it in Holland or should it be no problem for his work to wire it to our new account in Canada?

Thanks so much, the searching and questions have left me mind-boggled.

Fluffy Boogie

kt0157

Rubbish. But then I wouldn't expect a Canadian bank to know anything about tax or foreign earnings. Idiots. You pay tax on capital growth, not on capital.

K.

kt0157

He will pay tax on his EARNINGS post-landing. Any tax already paid in Holland will be credited against the Canadian tax due.

K.

Biiiiink

Wow, this is a very old thread. How clueless and polite I was back then

Fluff, I think KT's right - but actually we had that situation and didn't report the post-moving earnings as we forgot about them. It was money earned long before moving, already taxed in the UK, so we (he) do(es)n't feel bad about it.

Fluffy Boogie

Thanks!

Fluffy

Fluffy Boogie

Ha ha, its amazing what time can do, eh?

Ok, well, I guess we will see what happens in the end!

Ciao, Fluffy

kobo

With regard to
"Hi RSK,

I think Biiiiink is right. I recently spoke to a bank in Canada regarding bringing money into the country on arrival and they said that you will not be taxed on the Canadian side when you first emigrate, but once you have officially emigrated, any money you bring into the country after that date, is then taxable. Also, if it is taxable, they will only apply tax if it is over a certain amount (I think). He gave me a breakdown, but I no longer have the information - just letting you know that they should be able to give you the calculations too.

I didn't check this any further as I was just curious at the time, so don't take it for granted that its correct.

Might be an idea to call HSBC in Canada and speak to their international section. That's who I spoke to.

Leila"

Oh dear I wonder if this has serious implications on our immigration. We are planning to land as immigrants in March 2007 and return to the UK to sell our house in June and sell up lock stock and barrel in July/Aug. Does this mean that we will then be obliged to pay tax on the full amount from our house sale????

If so this means we have to sell our house before we emigrate in March, that may be a huge problem. Can anyone help or advise who best to get intouch with, please.

kt0157

No. It is total and utter rubbish. Ignore it. Sell your house when you want. Canada doesn't tax profits on your residence, and in any case even if it didn't, you'd only pay tax on the growth in value from the day you landed to the day you sold.


Yes. Ignore it. It's utter rubbish. Either the bank were idiots, or the poster got the wrong end of the stick. Or both.

K.

montreal mike

Kt 0157 is completely correct. The info given above by other posters makes no sense. And if you want to find out about potential tax liability then consult a qualified lawyer, accountant, or financial planner, all of whom should have expertise in the movement of funds internationally.


Canada is not the problem. What one should be asking about is what are the rules in the country of origin, whether it be the UK, Singapore, (or Timbuktu)!

kobo

Thanks all of you, our minds have been put at rest, but I will still contact someone to check, check and double check as you do!

It has highlighted something to my husband though, that 'British Expats.com' isn't a waste of time...............he thinks I spend too much time on here.

kt0157

Well make the "someone" the Canadian Revenue - the Horse's Mouth.

http://www.cra-arc.gc.ca/menu-e.html

K.