British Expats

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-   -   bringing money into canada (https://britishexpats.com/forum/canada-56/bringing-money-into-canada-705302/)

JonboyE Feb 18th 2011 5:24 am

Re: bringing money into canada
 

Originally Posted by mags1972 (Post 9185893)
Not to hijack this thread but we move in 3 months, we landed last year but returned to the UK to finalise things, my wife makes a pre moving trip in April and then we both move in May, could we withdraw our funds and take them with us to Canada and deposit them in our bank accounts there, I know we are required to declare more than $10000 so if we were to take less than $10000 per trip in £'s, could we? And will there be any tax implications???? Also anyone know if our exchange rate is better this way exchanging £'s at a Canadian bank into our account or through a Moneycorp, Hifx, halo etc???

You are over-thinking this. When your wife in over in April get her to open a bank account. You can then send the money electronically - either bank to bank or via a forex company. They will take care of all the necessary reporting. There are no tax implications.

J2J Feb 21st 2011 3:58 am

Re: bringing money into canada
 

Originally Posted by Alan2005 (Post 9183370)
From what you describe above I would say he does not become resident on his landing trip as he his just visiting at that point. Make sure he has the cash in his account before he moves here permanently in the summer. In practice this means that when filling in his first tax return, he should put the summer date as the date he entered Canada to live.

Hi Do you have any ideas what I should be reporting on my 2010 tax return next month?? I have gotten many different answers from Revenue Canada and Tax services. Do I put "married" do I enter his UK salary? Married in July 2010 His PR landing trip March 31st 2011 (going back after 2 wks) continuing to work until house sale is final and tax free lump sum is in the bank then coming to live with me in Ontario for good (hopefully in June)

Alan2005 Feb 21st 2011 4:45 am

Re: bringing money into canada
 

Originally Posted by J2J (Post 9191647)
Hi Do you have any ideas what I should be reporting on my 2010 tax return next month?? I have gotten many different answers from Revenue Canada and Tax services. Do I put "married" do I enter his UK salary? Married in July 2010 His PR landing trip March 31st 2011 (going back after 2 wks) continuing to work until house sale is final and tax free lump sum is in the bank then coming to live with me in Ontario for good (hopefully in June)

I'm really not a tax expert, I just go on the fact that tax here is mostly logical and the result is what you would expect it to be. I don't know what you specifically need to do here; my guess is that you would say that you are married, and put his income is $0 (as he is not yet tax resident and has no Canadian sourced income). However I very much doubt that is the end of it as you almost certainly won't be able to claim his allowance given he isn't here - if JonboyE is reading this, hopefully he will be able to tell you exactly what you have to do.

J2J Feb 21st 2011 5:11 am

Re: bringing money into canada
 

Originally Posted by Alan2005 (Post 9191747)
I'm really not a tax expert, I just go on the fact that tax here is mostly logical and the result is what you would expect it to be. I don't know what you specifically need to do here; my guess is that you would say that you are married, and put his income is $0 (as he is not yet tax resident and has no Canadian sourced income). However I very much doubt that is the end of it as you almost certainly won't be able to claim his allowance given he isn't here - if JonboyE is reading this, hopefully he will be able to tell you exactly what you have to do.

Thanks Allan Yes I am open to any more opinions

JonboyE Feb 21st 2011 8:44 am

Re: bringing money into canada
 

Originally Posted by J2J (Post 9191647)
Hi Do you have any ideas what I should be reporting on my 2010 tax return next month?? I have gotten many different answers from Revenue Canada and Tax services. Do I put "married" do I enter his UK salary? Married in July 2010 His PR landing trip March 31st 2011 (going back after 2 wks) continuing to work until house sale is final and tax free lump sum is in the bank then coming to live with me in Ontario for good (hopefully in June)

You are a Canadian tax-resident. You got married in 2010 to someone who was a non-resident throughout 2010.

Have I got this right?

Firstly, what Alan2005 said in post 14 is correct.

For 2010 you should show your status as married at 12/31/2010 and put down the date of your marriage. Otherwise all you need to do is write non-resident where is asks for OH's SIN and your OH's 2010 income (converted to CAD) on page 1. This allows the CRA to calculate family income for means tested benefits. Do not claim his personal amount if his income was more that $10,400.

J2J Feb 23rd 2011 5:16 am

Re: bringing money into canada
 

Originally Posted by JonboyE (Post 9192269)
You are a Canadian tax-resident. You got married in 2010 to someone who was a non-resident throughout 2010.

Have I got this right?

Firstly, what Alan2005 said in post 14 is correct.

For 2010 you should show your status as married at 12/31/2010 and put down the date of your marriage. Otherwise all you need to do is write non-resident where is asks for OH's SIN and your OH's 2010 income (converted to CAD) on page 1. This allows the CRA to calculate family income for means tested benefits. Do not claim his personal amount if his income was more that $10,400.

Yes you have my info correct Thankyou Jonboy and Alan for your answers

dtilley592 Feb 23rd 2011 7:15 am

Re: bringing money into canada
 
I have been in Canada just over a year on a work permit, which has now expired but my PR visa is about to be issued so I will be looking to 'land' in the next couple of weeks. I still have money to transfer over from savings in an english bank account. Does the fact that I have been here for a year on a work permit mean that I am likely to get taxed on my savings when I transfer them to Canada?

JonboyE Feb 23rd 2011 7:25 am

Re: bringing money into canada
 

Originally Posted by dtilley592 (Post 9197051)
I have been in Canada just over a year on a work permit, which has now expired but my PR visa is about to be issued so I will be looking to 'land' in the next couple of weeks. I still have money to transfer over from savings in an english bank account. Does the fact that I have been here for a year on a work permit mean that I am likely to get taxed on my savings when I transfer them to Canada?

The capital value of the savings no (assuming you had the savings before you came to Canada). Any interest you earned or FX gain since you came to Canada then yes.

dtilley592 Feb 25th 2011 1:05 am

Re: bringing money into canada
 

Originally Posted by JonboyE (Post 9197086)
The capital value of the savings no (assuming you had the savings before you came to Canada). Any interest you earned or FX gain since you came to Canada then yes.


Thanks... well with the way interest rates are in the uk they will be taxing me on about 30 pounds :)


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