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Bringing money back into Canada

Bringing money back into Canada

Old May 7th 2009, 2:50 am
  #1  
ck1
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Default Bringing money back into Canada

I am now a Canadian citizen.

Last year I had to send alot of money to my parents back in the UK to help them overcome issues caused by the credit crunch. Some of it is still in my named accounts over there ready for them to use.

In the next year or so, they will be able to pay me back. Do I face any issues bringing this money back into Canada?....I have proof that 1)the money was initially brought into Canada when I immigrated and 2)some of it was also earned in Canada and 3) it was transfered abroad.

I know that if I have foreign assets totalling $100k or more I need to declare that on my tax return...so shouldn't be an issue for the funds I declare (ie, in my name still)..
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Old May 7th 2009, 5:02 am
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Default Re: Bringing money back into Canada

If its over 10,000 you have to declare it to customs, but if you do a bank transfer the bank will generally do this for you, its not to tax you but for money laundering, they just want to know it was obtained legally.

Not sure on the tax side.
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Old May 8th 2009, 4:26 pm
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ck1
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Default Re: Bringing money back into Canada

Called CRA and Border services today...they said the money is not taxable because it is not a 'business transaction' (ie, I am not gaining anything from it)...they will be able to see the history: that I xfered an amount out the country and roughly the same amount coming back.
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