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Moving to BC - money & residency

Moving to BC - money & residency

Old Jul 20th 2023, 7:41 pm
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Default Moving to BC - money & residency

Our move to Canada is getting closer as we have finally found a buyer for our UK property. We have a current plan to fly in to BC in Spring 2024 and I'll apply for "settled" status at Vancouver Airport.

So Money question - If I have already transferred to Canada the proceeds from our UK sale (a few hundred thousand) before flying over, do I declare this amount to IRCC or do they just need to know how much I'll bring over after I have settled, which will be basically nothing?, I'll have my GTF list with me as well.

And Residency question - is the date I become a BC resident the date I apply for settled status, ie at the Airport, or is it when I sign up for medical/health cover? If it's possible, I'm still thinking of buying a new vehicle in Alberta and staying out of BC for a month to save paying PST.

As always thanks for your help.
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Old Jul 21st 2023, 4:44 am
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Default Re: Moving to BC - money & residency

Originally Posted by Sunnybrae
Our move to Canada is getting closer as we have finally found a buyer for our UK property. We have a current plan to fly in to BC in Spring 2024 and I'll apply for "settled" status at Vancouver Airport.

So Money question - If I have already transferred to Canada the proceeds from our UK sale (a few hundred thousand) before flying over, do I declare this amount to IRCC or do they just need to know how much I'll bring over after I have settled, which will be basically nothing?, I'll have my GTF list with me as well.
Essentially, they want to know you have enough money to survive until you get a job(s). Just be honest. Tell them you sent $x by bank transfer and it is available for you to use.

And Residency question - is the date I become a BC resident the date I apply for settled status, i.e. at the Airport, or is it when I sign up for medical/health cover?
For residency or tax? For residency it is when you move with the intention of the move being indefinite. You become a resident of Canada when you land at the airport if you intend to stay in Canada. For tax, you become a tax-resident of Canada on the same day (when you arrive with the intention of staying). You are resident of the province you live in on December 31. If you land in spring, stay in Alberta for a month, then move to BC you will be resident in BC in 2024 for tax purposes.

If it's possible, I'm still thinking of buying a new vehicle in Alberta and staying out of BC for a month to save paying PST.
Not sure this will work. You are required to register the vehicle when you import it to BC and ICBC should collect PST at this time. I am sure that some people don't bother, but you will have problems insuring the vehicle if you do not register it in BC.
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Old Jul 21st 2023, 5:07 am
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Default Re: Moving to BC - money & residency

Originally Posted by JonboyE
Essentially, they want to know you have enough money to survive until you get a job(s). Just be honest. Tell them you sent $x by bank transfer and it is available for you to use.


Ok, that makes sense

For residency or tax? For residency it is when you move with the intention of the move being indefinite. You become a resident of Canada when you land at the airport if you intend to stay in Canada. For tax, you become a tax-resident of Canada on the same day (when you arrive with the intention of staying). You are resident of the province you live in on December 31. If you land in spring, stay in Alberta for a month, then move to BC you will be resident in BC in 2024 for tax purposes.

Both I guess, I have PR from soft landing but in Spring it will be to settle, so maybe I should land in Alberta - see my comment below

Not sure this will work. You are required to register the vehicle when you import it to BC and ICBC should collect PST at this time. I am sure that some people don't bother, but you will have problems insuring the vehicle if you do not register it in BC.
I read somewhere that PST in BC isn't payable if you bought the vehicle when you are not a BC resident (- hence the question about residency) and have owned the vehicle for more than 30 days and have the sales invoice. I know I will have to register & insure in Alberta and then again in BC but just trying to work out is it worth the hassle to try and save around CAN$ 6 - 8,000?

Last edited by Sunnybrae; Jul 21st 2023 at 5:12 am. Reason: sorry can't work out how to reply multi quote
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Old Jul 21st 2023, 5:24 am
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Default Re: Moving to BC - money & residency

Originally Posted by Sunnybrae
I read somewhere that PST in BC isn't payable if you bought the vehicle when you are not a BC resident (- hence the question about residency) and have owned the vehicle for more than 30 days and have the sales invoice. I know I will have to register & insure in Alberta and then again in BC but just trying to work out is it worth the hassle to try and save around CAN$ 6 - 8,000?
The new resident exemption? It is intended to exempt you from paying PST on personal property that you owned before moving to BC. What you are suggesting is against the spirit of the rule, but it might work.
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Old Jul 21st 2023, 5:32 am
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Default Re: Moving to BC - money & residency

Originally Posted by JonboyE
Essentially, they want to know you have enough money to survive until you get a job(s). Just be honest. Tell them you sent $x by bank transfer and it is available for you to use.



For residency or tax? For residency it is when you move with the intention of the move being indefinite. You become a resident of Canada when you land at the airport if you intend to stay in Canada. For tax, you become a tax-resident of Canada on the same day (when you arrive with the intention of staying). You are resident of the province you live in on December 31. If you land in spring, stay in Alberta for a month, then move to BC you will be resident in BC in 2024 for tax purposes.



Not sure this will work. You are required to register the vehicle when you import it to BC and ICBC should collect PST at this time. I am sure that some people don't bother, but you will have problems insuring the vehicle if you do not register it in BC.
Originally Posted by JonboyE
The new resident exemption? It is intended to exempt you from paying PST on personal property that you owned before moving to BC. What you are suggesting is against the spirit of the rule, but it might work.
That's the one, another option is I'm in Canada for 2 months over Autumn and then back to the UK before the Spring move, I could buy an Alberta vehicle then, leave it with family till Spring and then register it in BC when I'm back for good. If it doesn't work all I've done is delayed paying the PST.

On a side note, I find it odd that ICBC will now tell you what they think a second hand vehicle is worth for PST for a private sale, totally irrespective of the actual sale price.
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Old Jul 21st 2023, 5:39 am
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Default Re: Moving to BC - money & residency

On a side note, I find it odd that ICBC will now tell you what they think a second hand vehicle is worth for PST for a private sale, totally irrespective of the actual sale price.
If they didn't, you would have a surprising number of used vehicles bought/sold for ... er ...$100.
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Old Jul 21st 2023, 6:02 am
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Default Re: Moving to BC - money & residency

Originally Posted by JonboyE
If they didn't, you would have a surprising number of used vehicles bought/sold for ... er ...$100.
Wish I could buy a vehicle for $100
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