should I declare all the money when I land to Canada
Jun 13th 2003, 4:48 pm
#1
Guest
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should I declare all the money when I land to Canada
I am wondering should I declare all the money I have when I first land
in Canada? I know the Canadian gov't will tax me on the interest that
I earn, but I worried what will happen if I have some money in my home
country which I cannot take it out eventhough I am leaving.
Or if my family is sending money as a gift to me later, what will the
gov't do to my money?
in Canada? I know the Canadian gov't will tax me on the interest that
I earn, but I worried what will happen if I have some money in my home
country which I cannot take it out eventhough I am leaving.
Or if my family is sending money as a gift to me later, what will the
gov't do to my money?
Jun 14th 2003, 3:37 am
#2
Guest
Posts: n/a
Re: should I declare all the money when I land to Canada
HK resident wrote:
>
> I am wondering should I declare all the money I have when I first land
> in Canada? I know the Canadian gov't will tax me on the interest that
> I earn, but I worried what will happen if I have some money in my home
> country which I cannot take it out eventhough I am leaving.
>
> Or if my family is sending money as a gift to me later, what will the
> gov't do to my money?
You just have to pay taxes on any interest you gain wherever it comes
from after you become a resident. If it's a gift given to you say 6
months from now, then you don't have interest for 6 months..
All you need to show is what you are bringing, and that is simply to
show settlement funds ... nothing to do with taxation.
You can bring gift money into Canada without taxes. Canada has no gift
taxes.
>
> I am wondering should I declare all the money I have when I first land
> in Canada? I know the Canadian gov't will tax me on the interest that
> I earn, but I worried what will happen if I have some money in my home
> country which I cannot take it out eventhough I am leaving.
>
> Or if my family is sending money as a gift to me later, what will the
> gov't do to my money?
You just have to pay taxes on any interest you gain wherever it comes
from after you become a resident. If it's a gift given to you say 6
months from now, then you don't have interest for 6 months..
All you need to show is what you are bringing, and that is simply to
show settlement funds ... nothing to do with taxation.
You can bring gift money into Canada without taxes. Canada has no gift
taxes.
Jun 14th 2003, 6:07 pm
#3
Guest
Posts: n/a
Re: should I declare all the money when I land to Canada
HK resident ([email protected]) said:
> I am wondering should I declare all the money I have when I first land
> in Canada?
Yes.
> I know the Canadian gov't will tax me on the interest that
> I earn, but I worried what will happen if I have some money in my home
> country which I cannot take it out eventhough I am leaving.
Technically speaking, that is taxable revenue if you are earning
interest or some other benefit from it.
> Or if my family is sending money as a gift to me later, what will the
> gov't do to my money?
Nothing at all. If it's too much, they'll probably investigate for
money laundering or something, but other than that, it's all yours.
HTH
--
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> I am wondering should I declare all the money I have when I first land
> in Canada?
Yes.
> I know the Canadian gov't will tax me on the interest that
> I earn, but I worried what will happen if I have some money in my home
> country which I cannot take it out eventhough I am leaving.
Technically speaking, that is taxable revenue if you are earning
interest or some other benefit from it.
> Or if my family is sending money as a gift to me later, what will the
> gov't do to my money?
Nothing at all. If it's too much, they'll probably investigate for
money laundering or something, but other than that, it's all yours.
HTH
--
Say "I am not American" in ELEVEN languages. The original "I am not
American" T-shirts - as seen on CNN - designed and printed in Canada.
From just $15 plus postage. http://www.iamnotamerican.com .
New products featuring new logo also available.
http://www.iamnotamerican.com
Remove second 'dot' before '.com' to reply via Email.
