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Settlement Fund - Should One Declare All His Assets?

Settlement Fund - Should One Declare All His Assets?

Old Jun 26th 2001, 3:38 pm
  #1  
YKL
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Hi.

Many thanks to Mr Andrew Miller replies to my previous queries. I would greatly
appreciate if Mr Andrew or someone else can kindly enlighten me on following
Questions:

1) Should the prospective immigrant declare all his assets to CIC or should he just
declare the amount/assets that he intended to bring into Canada for immigration
purpose only?

2) What sort of implications from the Tax point of view on item 1 ?

3) How would the Inland Revenue (IRD) interpret any undeclared monies and/or assets
to be brought in after landing in Canada? Would it be Taxable?

4) If one declares all amounts to CIC and say it is deposited in Fixed Deposit
account in and outside Canada, would the IRD tax on all the interest incomes?

5) Would the incomes/gains from disposal of fixed assets outside Canada taxable?
Anything one should be aware?

Many thanks again.

YKL
 
Old Jun 26th 2001, 5:16 pm
  #2  
Andrew Miller
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I'm not a tax expert nor I intend to be one, but your questions are rather
basic ones.

1) You don't need to declare all your assets in the immigration application, unless
you are a business immigrant. Applicant in the independent category should declare
what he intends to bring to Canada upon immigration.

2) None

3) You may bring any money to Canada after landing regardless if you declared them in
the application or not. If you can document that you already owned those money at
the time of becoming a Canadian resident then they will not be taxed. Only income
earned after you become Canadian resident will have to be reported on your tax
return and will be subject to taxation. Credit for taxes paid abroad may be
applied in most situations to offset part or entire Canadian tax liability on that
foreign income.

4) Income earned after you become Canadian resident will have to be reported on
Canadian tax return.

5) See the above.

As your questions are simple and of the general nature only I gave you very simple
and general answers. But I strongly advise you to consult a good tax expert before
making any decisions that may have tax implications.

--

../..

Andrew Miller Immigration Consultant Vancouver, British Columbia email:
[email protected] (delete REMOVE and INVALID from the above address before
sending an email)
________________________________


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Old Jun 27th 2001, 3:01 am
  #3  
David Cohen
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For the purpose of the immigration application, you are obliged to declare only the
assets that you intend to transfer to Canada upon your relocation.

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Regardless of whether or not it is stated in your application, income earned prior to
your arrival in Canada is not subject to taxation here, as a general rule. Once
landed, however, income earned from worldwide sources (including income earned from
existing assets) may become eligible for taxation, although offshore trusts do exist
which may provide some shelter.

For matters of taxation, you would be best advise to consult with a specialist in
that field, providing all relevant information necessary to advise you properly.

________
CAMPBELL, COHEN - attorneys at law tel:514.937.9445 / fax:514.937.2618
[email protected] http://canadavisa.com

Online Community: http://canadavisa.com/community
 
Old Jun 28th 2001, 3:07 pm
  #4  
YKL
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Hi, Mr Andrew Miller and Mr David Cohen.

Greatly appreciate your valuable feedbacks. Many thanks again.

YKL
 

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