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Car & Funds Question - Mr.Miller pl. advise

Car & Funds Question - Mr.Miller pl. advise

Old Jul 11th 2005, 9:20 am
  #1  
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Default Car & Funds Question - Mr.Miller pl. advise

Mr Miller,

I am planning to add my car in goods to follow, but I still donot have the title of the car in my name. So do I need to mention something to indicate this.

Also later if I plan to sell my car in US, but I have included it in my goods to follow list, then are there any issues in that. Do you see any problems when I transfer the money or donot take it with me to Canada.

Also, while landing we are showing that we are having $12,000 CDN on us, and the remaining are in the Bank, ready to transfer. So do we have to declare all the money that we have, including in the Bank. Is there any issue when we transfer the money from US to Canadian Bank at a later date, and the amount has increased than what has been declared at the time of landing (i.e. if we have to declare the bank balance, and a note is made by the immigration officer).

Thanks.
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Old Jul 11th 2005, 9:26 am
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Default Re: Car & Funds Question - Mr.Miller pl. advise

Don't put car in goods to follow list if you are importing it later.

There is no tax on money transfered to Canada at any time. As Canadian resident you will still be able to bring your money from abroad tax free as long as funds were earned before you became a PR. You will only have to report in your tax return profit or loss from disposition of your capital and other property abroad and depending from the tax treaty between Canada and country in question (if treaty is in place) you may or may not be required to pay tax on such income.

Originally Posted by explorer
Mr Miller,

I am planning to add my car in goods to follow, but I still donot have the title of the car in my name. So do I need to mention something to indicate this.

Also later if I plan to sell my car in US, but I have included it in my goods to follow list, then are there any issues in that. Do you see any problems when I transfer the money or donot take it with me to Canada.

Also, while landing we are showing that we are having $12,000 CDN on us, and the remaining are in the Bank, ready to transfer. So do we have to declare all the money that we have, including in the Bank. Is there any issue when we transfer the money from US to Canadian Bank at a later date, and the amount has increased than what has been declared at the time of landing (i.e. if we have to declare the bank balance, and a note is made by the immigration officer).

Thanks.
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Old Jul 11th 2005, 11:02 am
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Default Re: Car & Funds Question - Mr.Miller pl. advise

Thanks for the reply Mr.Miller.

If I don't include the car in the Goods to Follow, then how do I indicate that I may import the car at a later time.

-explorer.

Originally Posted by Andrew Miller
Don't put car in goods to follow list if you are importing it later.

There is no tax on money transfered to Canada at any time. As Canadian resident you will still be able to bring your money from abroad tax free as long as funds were earned before you became a PR. You will only have to report in your tax return profit or loss from disposition of your capital and other property abroad and depending from the tax treaty between Canada and country in question (if treaty is in place) you may or may not be required to pay tax on such income.
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Old Jul 11th 2005, 12:28 pm
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Default Re: Car & Funds Question - Mr.Miller pl. advise

You may have problem later anyway as you so far don't own the car, bank does. You cannot import as settlers goods anything you don't own prior to landing.

Originally Posted by explorer
Thanks for the reply Mr.Miller.

If I don't include the car in the Goods to Follow, then how do I indicate that I may import the car at a later time.

-explorer.
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Old Jul 12th 2005, 5:26 am
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Default Re: Car & Funds Question - Mr.Miller pl. advise

Hi

Originally Posted by Andrew Miller
You may have problem later anyway as you so far don't own the car, bank does. You cannot import as settlers goods anything you don't own prior to landing.
He probably should include the car in the goods to follow list, since he may pay it off and then import it. If he doesn't import it, no harm no foul.

PMM
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Old Jul 12th 2005, 1:29 pm
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Default Re: Car & Funds Question - Mr.Miller pl. advise

Thanks, to both Mr.Miller and PMM.

Considering your advise I have paid off the car today, though I will not get the title for the next two months, but on paper I had paid it off before I land.

Hopefully, this should settle it.

-explorer.
Originally Posted by PMM
Hi



He probably should include the car in the goods to follow list, since he may pay it off and then import it. If he doesn't import it, no harm no foul.

PMM
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Old Jul 13th 2005, 3:37 am
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Default Re: Car & Funds Question - Mr.Miller pl. advise

u didnt have to pay off the car. title doesnt have to be in your name. all you need is a letter from the bank stating they have no objection to your moving the car to Canada(some banks dont like it , others are ok with it.)
Originally Posted by explorer
Thanks, to both Mr.Miller and PMM.

Considering your advise I have paid off the car today, though I will not get the title for the next two months, but on paper I had paid it off before I land.

Hopefully, this should settle it.

-explorer.
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