Moving funds from UK & German Bank Accounts

Closed Thread Subscribe

Thread Tools

Jul 14th 2010, 7:15 am

#16

JonboyE

Binned by Muderators

Joined: Jul 2007

Location: White Rock BC

Posts: 11,686

Re: Moving funds from UK & German Bank Accounts

Quote:

Originally Posted by iaink

There is no obligation when you become a PR to transfer all your assets to Canada as far as Im aware?

Non whatsoever. You just need to value them in Canadian dollars at that time.

Quote:

The fact they they are in a different currency and need to be converted when you do decide you need to bring in some money shouldnt be any of CRAs business, so if CGT does apply its a bit outragous. Is there a tax write off if the exchange rate tanks the other way? In not, there should be

Any gain you make after you become a tax resident in Canada is the CRA's business. It doesn't matter where in the world it is.

It the exchange rate went the other way you would have a capital loss, and half of this would be an allowable capital loss. This is the good news. The bad news is that an allowable capital loss can only be offset against a taxable capital gain (not against any other income). You can carry the loss back three years and if you have no capital gain to set it against you carry it forward until you do. Or until you die.