Taxable income when immigrating to Canada
 

Looking to know about taxes in Canada on capital that you bring in.

Does the Canadian government tax you if you bring in your money from a house sale or on savings?

Perhaps there is a thread someone knows of that deals with this subject.

Is there a cap on how much you can bring into Canada in funds before being taxed ?

thanks

Re: Taxable income when immigrating to Canada
 

I believe anything you declare when you land is tax free, and additional funds above that are liable to tax.

Someone will be quick to correct me if I'm wrong :)

Re: Taxable income when immigrating to Canada
 

Income and capital gains are taxable. Wealth is not. For the purpose of capital gains you are deemed to have re-acquired your assets at their market value on the day (or day before, can't remember) you become resident for tax purposes. So transferring a lump sum from the UK to Canada will not be subject to tax, except that due to currency fluctuations you may have made a capital gain (or loss) in the time between becoming tax resident and making the transfer.

Re: Taxable income when immigrating to Canada
 

Hi. thank you for all your responses. I can see that this could get complicated.


Are you all saying that the money (wealth) needs to be produceable/provable BEFORE I enter canada? Anyone know of a thread that explains the best way to go forward on this? thank you

Re: Taxable income when immigrating to Canada
 

READ. THE. WIKI.

I'm not mistaken, the recommended order of arrival in Canada is your money, then you, then your stuff.