Hi guys,

Been reading a few posts about tax and foreign assets so thought it best to ask about my situation too.

I arrived in Canada a few weeks ago after being out of the country for 3 years since receiving my PR. Currently looking for work and hoping to establish myself here, although the option to return to the UK is still available if nothing works out.

I have a bank account in the UK with savings which are more than $100k CAD. I've not thought about the tax system at all as I've only just recently arrived, but am I supposed to fill in a tax return of some sort to declare those assets? I had a look on the CRA website "Do you have to file a tax return?" page and I don't think any of those apply to me as I've not worked or been here physically in the last few years.

Please advise? The last thing I would want is to be hit with a $2500 fine for not following due process.

If you start to live in Canada in 2013 you will need to file a T1135 with your income tax return for 2014 (i.e. by April 30th, 2015) if you still have more than $100,000 in the UK account at any time in 2014, and for every subsequent year the money is still there.

Thanks JonboyE, so for now I don't have to worry about anything as I'm not quite established? I've just opened a bank account here and am going to transfer some funds across to get me going whilst looking for work.