bringing money into canada
Oct 22nd 2002, 2:04 pm
#1
Forum Regular
Thread Starter
Joined: Aug 2002
Location: Beautiful British Columbia
Posts: 119
bringing money into canada
We plan to sell our house after we land in Canada and then bring the money to Canada and buy a new house. Could someone tell me if this money would be taxed in Canada? We wouldn't be able to sell the house before landing and there for cannot declare it(money) at the point of entry.
Regards
Regards
Oct 23rd 2002, 2:17 am
#2
Guest
Posts: n/a
Re: bringing money into canada
you should be fine just transfering themoney into your Candian bank account.
I believe you are only taxed then on any income earned on the money in the
form of interest etc.
"elfintrot" wrote in message
news:452234.1035338645@britishexpats-
.com...
> We plan to sell our house after we land in Canada and then bring the
> money to Canada and buy a new house. Could someone tell me if this money
> would be taxed in Canada? We wouldn't be able to sell the house before
> landing and there for cannot declare it(money) at the point of entry.
> Regards
> --
I believe you are only taxed then on any income earned on the money in the
form of interest etc.
"elfintrot" wrote in message
news:452234.1035338645@britishexpats-
.com...
> We plan to sell our house after we land in Canada and then bring the
> money to Canada and buy a new house. Could someone tell me if this money
> would be taxed in Canada? We wouldn't be able to sell the house before
> landing and there for cannot declare it(money) at the point of entry.
> Regards
> --
Oct 23rd 2002, 11:37 am
#3
Guest
Posts: n/a
Re: bringing money into canada
Hi elfintrot.
"elfintrot" wrote in message
news:452234.1035338645@britishexpats-
.com...
> We plan to sell our house after we land in Canada and then bring the
> money to Canada and buy a new house. Could someone tell me if this money
> would be taxed in Canada? We wouldn't be able to sell the house before
> landing and there for cannot declare it(money) at the point of entry.
Simply bringing your own money into the country is not a taxable event.
This is true even if you did not have it when you landed.
However, you could be liable for a tax on the difference in value (gain) on
the value of your house between the date you immigrate to Canada and the
date you sell the house. For example, if the house was worth $300,000. on
the date you land, and you sell it for $310,000., you will owe tax on the
excess $10,000. If you sell the house about the same time as you immigrate,
it is really a non-issue.
Bryan
--
----------------------------------------
Bryan Kellar, EA
Pioneer Tax & Accounting Service Portland, Oregon
www.oregontaxhelp.com
"elfintrot" wrote in message
news:452234.1035338645@britishexpats-
.com...
> We plan to sell our house after we land in Canada and then bring the
> money to Canada and buy a new house. Could someone tell me if this money
> would be taxed in Canada? We wouldn't be able to sell the house before
> landing and there for cannot declare it(money) at the point of entry.
Simply bringing your own money into the country is not a taxable event.
This is true even if you did not have it when you landed.
However, you could be liable for a tax on the difference in value (gain) on
the value of your house between the date you immigrate to Canada and the
date you sell the house. For example, if the house was worth $300,000. on
the date you land, and you sell it for $310,000., you will owe tax on the
excess $10,000. If you sell the house about the same time as you immigrate,
it is really a non-issue.
Bryan
--
----------------------------------------
Bryan Kellar, EA
Pioneer Tax & Accounting Service Portland, Oregon
www.oregontaxhelp.com
