is there any tax implication if i moved money from the UK to here
Hi
I intend to wire some money from my UK account to my Canadian bank to pay off some of my debt here. How much money can i transfer? Will the CRA be informed of my transfer as it will be more than $10000. Any advice will be greatly appreciated I:thumbup: |
Re: is there any tax implication if i moved money from the UK to here
No special tax implications, there is no limit AFAIK. If its money from a property sale or something then capital gains might apply based on exchange rates etc.
CRA will be informed by the bank automatically for a wire transfer. |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by iaink
(Post 9632834)
No special tax implications, there is no limit AFAIK. If its money from a property sale or something then capital gains might apply based on exchange rates etc.
CRA will be informed by the bank automatically for a wire transfer. |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by ibbye13
(Post 9632826)
Hi
I intend to wire some money from my UK account to my Canadian bank to pay off some of my debt here. How much money can i transfer? Will the CRA be informed of my transfer as it will be more than $10000. Any advice will be greatly appreciated I:thumbup: Assuming you have paid the appropriate taxes on the money when it was earned there is no additional tax due purely because you wire it from a UK bank to a Canadian bank. You may have a capital gain when you convert £ to $ - that depends on the exchange rate when you became tax-resident in Canada. |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by ibbye13
(Post 9632843)
Do I need to explain where I got this money? Even its my own money...
Sorry, got confused between CRA and the money laundering folks... they are the one you would need to report large cash sums to at the airport etc, not CRA... |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by ibbye13
(Post 9632843)
Do I need to explain where I got this money? Even its my own money...
|
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by JonboyE
(Post 9632853)
Unlikely, but it is possible.
|
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by JonboyE
(Post 9632850)
You can transfer as much as you like. The CRA will not be informed but your Canadian bank will inform FINTRAC who are responsible for monitoring and detecting money laundering activities.
Assuming you have paid the appropriate taxes on the money when it was earned there is no additional tax due purely because you wire it from a UK bank to a Canadian bank. You may have a capital gain when you convert £ to $ - that depends on the exchange rate when you became tax-resident in Canada. |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by iaink
(Post 9632857)
Not to do the transfer though, right? But maybe in some future tax audit <shudders>
You are right that in an audit the CRA will review your bank statements and want an explanation for each receipt. |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by ibbye13
(Post 9632862)
Thanks for your reply....what is this capital gain when I will convert the £ to $ ..I became tax resident in Canada 2009.....I will just leave the money in the UK then...
Using the average rate for 2009 £10,000 was worth $17,800. Now it is worth $15,600. You have nothing to worry about. |
Re: is there any tax implication if i moved money from the UK to here
How about transferring money from the EU?
My parents want to give me about 140k euros. I'm a US citizen and they are EU citizens (not Greece or Romania :) ). I understand you have to fill out the 3520 form and ideally no-one pays tax in this scenario but is it really that simple? Has anyone done this without ending up in Guantanamo Bay and/or losing their house? Is it just a simple money transfer and the 3520 form? I'm sure us ordinary poor people will get hit first and be held as terrorist suspects by the useless government employees as we are the easiest targets! Just looking for advice. Thanks in advance, Billy-Bob
Originally Posted by JonboyE
(Post 9632879)
I suppose there is a very remote possibility that the transfer might get flagged by FINTRAC but it is a very remote possibility.
You are right that in an audit the CRA will review your bank statements and want an explanation for each receipt. |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by freebornman
(Post 9649147)
How about transferring money from the EU?
My parents want to give me about 140k euros. I'm a US citizen and they are EU citizens (not Greece or Romania :) ). I understand you have to fill out the 3520 form and ideally no-one pays tax in this scenario but is it really that simple? Has anyone done this without ending up in Guantanamo Bay and/or losing their house? Is it just a simple money transfer and the 3520 form? I'm sure us ordinary poor people will get hit first and be held as terrorist suspects by the useless government employees as we are the easiest targets! Just looking for advice. Thanks in advance, Billy-Bob |
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by freebornman
(Post 9649147)
My parents want to give me about 140k euros. I'm a US citizen and they are EU citizens (not Greece or Romania :) ). I understand you have to fill out the 3520 form and ideally no-one pays tax in this scenario but is it really that simple? Has anyone done this without ending up in Guantanamo Bay and/or losing their house? Is it just a simple money transfer and the 3520 form?
|
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by ibbye13
(Post 9632826)
I intend to wire some money from my UK account to my Canadian bank to pay off some of my debt here. How much money can i transfer? Will the CRA be informed of my transfer as it will be more than $10000.
|
Re: is there any tax implication if i moved money from the UK to here
Originally Posted by ibbye13
(Post 9632826)
Hi
I intend to wire some money from my UK account to my Canadian bank to pay off some of my debt here. How much money can i transfer? Will the CRA be informed of my transfer as it will be more than $10000. Any advice will be greatly appreciated I:thumbup: |
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