Bringing Funds into Canada

[Nicholas Gallacher]

Hi, I am moving back to Canada after an extended period of living abroad. My wife and I have been planning to move our family to Canada for quite some time. I and my children are Canadian citizens, my wife is not. We had originally planned to sell our apartment and move to Canada all together, but we have been having difficulty selling. Therefore I have decided to move to Canada with my oldest daughter first, enroll her in school, and look for a job and get settled while living with my parents. My wife will stay here in Korea and keep working until we sell the apartment, and then move over to Canada. As far as I know, if my wife sells the apartment and sends the money to me in Canada, I will have to pay tax on that money. So will she have to bring the money over and place it in an account in her name? Will we later be able to open a joint account with that money? Also, how will this affect my ability to sponsor her Permanent Residency if all of my money is in her name? I'm not sure what to do here...

Any advice would be greatly appreciated.

 

[mad_hatter]

Since the apartment is your principal residence, you do not have to pay tax on the sale even after you have become a Canadian tax resident. Your wife can send the money to you without any issue.

 

[Nicholas Gallacher]

OK. Great. Thank you for your reply.